Crypto Exchange Bitrue Hacked, $4.5 Million Worth Crypto Stolen

Thursday, 27/06/2019 | 10:59 GMT by Arnab Shome
  • Earlier, hackers attempted 51 percent attack to steasl ETC from the exchange, but failed.
Crypto Exchange Bitrue Hacked, $4.5 Million Worth Crypto Stolen
FM

Singapore-based digital currency Exchange Bitrue has suffered a cyber attack on Thursday, resulting in the loss of more than $4.5 million in XRP and ADA token.

According to the official announcement on Twitter, hackers exploited a vulnerability of the exchange’s risk control team’s 2nd level review process at around 1 am on June 27 (GMT+8) to gain access to the funds of around 90 Bitrue clients.

“The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges,” the exchange noted.

The exchange is also tracking the movement of the stolen funds, which are now moved to several platforms including Huobi, Bittrex, and ChangeNOW. It has also set up a public link with XRP block explorer to let anyone check the flow of funds.

The Singaporean exchange also assured the victims that the funds are insured and they will receive full compensation from the company. However, the exchange did not provide any timeline for the initiation of the process, only stating that the funds will be replaced “as soon as possible.”

Exchanges should focus more on security

The exchange also involved the local enforcement to track the perpetrators and retrieve the stolen funds.

Bitrue was hacked only a month after the leading cryptocurrency exchange Binance was breached, leading to a theft of $40 million worth Bitcoin . Meanwhile, another Singaporean crypto exchange, DragonEx, was hacked earlier this year, however, it did not disclose the incurred damages to the public.

Singapore-based digital currency Exchange Bitrue has suffered a cyber attack on Thursday, resulting in the loss of more than $4.5 million in XRP and ADA token.

According to the official announcement on Twitter, hackers exploited a vulnerability of the exchange’s risk control team’s 2nd level review process at around 1 am on June 27 (GMT+8) to gain access to the funds of around 90 Bitrue clients.

“The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges,” the exchange noted.

The exchange is also tracking the movement of the stolen funds, which are now moved to several platforms including Huobi, Bittrex, and ChangeNOW. It has also set up a public link with XRP block explorer to let anyone check the flow of funds.

The Singaporean exchange also assured the victims that the funds are insured and they will receive full compensation from the company. However, the exchange did not provide any timeline for the initiation of the process, only stating that the funds will be replaced “as soon as possible.”

Exchanges should focus more on security

The exchange also involved the local enforcement to track the perpetrators and retrieve the stolen funds.

Bitrue was hacked only a month after the leading cryptocurrency exchange Binance was breached, leading to a theft of $40 million worth Bitcoin . Meanwhile, another Singaporean crypto exchange, DragonEx, was hacked earlier this year, however, it did not disclose the incurred damages to the public.

About the Author: Arnab Shome
Arnab Shome
  • 6353 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6353 Articles
  • 80 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}