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Crime and Investigations

Bitrue Falls Victim to Multi-Million Dollar Crypto Heist

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.

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.

READ MORE: Ethereum: Kraken Leads $1.3 Billion ETH Withdrawal Post Shapella Upgrade

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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