Bitrue, one of the most popular cryptocurrency exchanges in Asia, recently fell victim to a major hack. According to a press release from the platform, one of its hot wallets was compromised, but the problem would have been quickly resolved and the other wallets on the exchange would be out of danger.
Bitrue undergoes a major hack
The Asian cryptocurrency exchange Bitrue, popular with some XRP token traders, announced that one of its hot wallets had been compromised.
1/4: We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM
— Bitrue (@BitrueOfficial) April 14, 2023
According to the statement, the problem “ was resolved quickly and possible further damage has been avoided. This is the latest communication from Bitrue on this subject, which suggests that the investigation into the origin of the flaw is ongoing.
According to Bitrue, the relevant hot wallet would only host 5% of the exchange’s total funds, and his other wallets would be out of danger. In addition, all users who may have been affected by the event will be fully reimbursed, the exchange said.
However, withdrawals from Bitrue have been temporarily halted, and should be operational again on April 18. Note, however, that the platform, which claims to have ” reacted quickly “, realized the hack no less than 4 days after the first actions of the hacker, as evidenced by the transaction history of the latter according to data from Etherscan:
Etherscan transaction history of the hacker’s wallet
A reaction time that will not have escaped the Twitter community, some users having not lacked sarcasm in their responses to the statement of the exchange in difficulty.
As of this writing, the hacker’s wallet still holds $21.9 million in the form of Ether (ETH), Shiba Inu (SHIB) and Holo Token (HOT). The hacker had time to sell 173,000 QNT tokens following his actioncausing the token to depreciate in stride.
This is the second hack for Bitrue, one of its hot wallets having already been compromised in 2019. However, centralized exchanges are now rather neglected by hackers, who often tend to prefer moving towards decentralized tools often presenting more flaws and hosting large amounts of liquidity, as is the case for bridges for example.
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Source: Etherscan
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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