Bitrue Exchange Loses Over $4 Million to Hackers

Wilfred Michael 

Wilfred Michael

News reporter

27 June 2019,
09:20
Bitrue Exchange Loses Over $4 Million to Hackers

Hackers ruled the day once again after Singapore-based cryptocurrency exchange, Bitrue reported today that it had witnessed a security breach that resulted in the loss of funds from 90 user accounts on its platform.

In a series of tweets posted in the aftermath of the ugly incident, Bitrue reported that the hacker(s) at approximately 1 am June 27 (GMT+8), exploited a vulnerability in their Risk Control team's 2nd review process to access the users’ funds.

Upon detecting the breach, Bitrue halted all activities on its platform to assess the impact of the incident. At the same time, the exchange reached out to the receiving exchanges used by the hacker to withdraw the funds.

Happily, the exchanges, namely, Huobi, Bittrex, and ChangeNow, helped Bitrue to freeze the user accounts as well as an unnamed amount of the cash which the hacker wanted to withdraw from their platform.

Reporting on the original sum which the users had stolen, Bitrue said it was 9.3 million XRP and 2.5 million ADA. Going by market prices at the time of the security breach, that would represent $4.01 million worth of Ripple (XRP) and $231,800 worth of Cardano (ADA).

Bitrue, however, reassured users that it had the situation under control and would refund 100% of the stolen funds to the affected persons. 

For the interim, the exchange revealed that it is reviewing its security policies while working with the relevant authorities in Singapore to identify the culprit and bring them to book. 

Additionally, the exchange hopes to re-enable deposit and trading options as soon as possible, although withdrawals would take a longer period while it continues to investigate the situation.

Early last month, we reported that leading cryptocurrency exchange Binance also suffered a security breach that resulted in the loss of 7000BTC ($41 million) to hackers.

 

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