Bitrue Falls Victim to Multi-Million Dollar Crypto Heist
Bitrue, a well-known cryptocurrency exchange, has experienced a security breach resulting in the loss of approximately $23 million worth of cryptocurrency.
Bitrue has not provided specific details on the attack method and is currently investigating the incident. Bitrue has confirmed that a brief exploit occurred in one of its hot wallets, which temporarily halted all withdrawals.
2/4: The attackers were able to withdraw assets worth approximately 23M USD in ETH, QNT, GALA, SHIB, HOT and MATIC. The affected hot wallet only holds less than 5% of our overall funds. The rest of our wallets remain secure and have not been compromised.
— Bitrue (@BitrueOfficial) April 14, 2023
After conducting further security inspections, the exchange plans to reestablish withdrawals by April 18, 2023. The stolen funds were comprised of several cryptocurrencies, including ETH, QNT, GALA, SHIB, HOT, and MATIC.
However, Bitrue assured its users that the impacted wallet represented less than 5% of total reserves, and the remaining wallets were not affected.
Bitrue has promised to keep its users informed of any developments and to fully compensate any affected users. The hacker has reportedly initiated the sale of the stolen cryptocurrencies, causing the price of QNT to decline by 11%.
The recent breach on Bitrue is another example of the security challenges faced by crypto and DeFi projects, as seen in a similar incident with South Korean exchange GDAC.