Crypto Exchange Bitrue Drained of $23M in Hack of Ether, Shiba Inu, Other Tokens

On Friday, Bitrue, a Singapore-based crypto exchange, confirmed that hackers had drained $23 million from one of their wallets. Bitrue did not provide any specific details about how the attack occurred.

In a statement, Bitrue stated that they had identified a brief exploit in one of their hot wallets on April 14, 2023, at 07:18 (UTC). The exchange acted quickly to prevent further losses and addressed the issue. They added that their team was investigating the situation.

The hackers were able to withdraw assets worth approximately $23 million USD in currencies including ETH, QNT, GALA, SHIB, HOT, and MATIC. However, Bitrue mentioned that the affected wallet contained less than 5% of their overall reserves and that the remaining wallets were not compromised.

As a precautionary measure, Bitrue temporarily suspended all withdrawals and is expected to reopen them on April 18. The exchange has also stated that all affected users will be fully compensated.

According to CoinGecko’s data, Bitrue trades an average of over $1 billion a day, with bitcoin and ether among the most-traded token pairs. Bitrue coin was down slightly in the past 24 hours.

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