The Great Bitrue Robbery: Hackers Make Off With A Whopping $23M

Author: Murtuza Merchant | April 14, 2023 11:00am

Singapore-based cryptocurrency exchange Bitrue on Friday announced that hackers had stolen $23 million from one of its wallets.

The exchange did not provide details on how the attack occurred.

In a tweet, Bitrue stated, "We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds," and mentioned the team is currently investigating the situation.

1/4: We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM

— Bitrue (@BitrueOfficial) April 14, 2023

The stolen assets, valued at approximately $23 million, consisted of various cryptocurrencies, including Ethereum (CRYPTO: ETH), Quant (CRYPTO: QNT), GALA (CRYPTO: GALA), Shiba Inu (CRYPTO: SHIB), Holo (CRYPTO: HOT), and Polygon (CRYPTO: MATIC).

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The affected wallet held less than 5% of Bitrue's total reserves, and the remaining wallet was not compromised.

As a precaution, the exchange has temporarily halted all withdrawals, with plans to resume the service on April 18.

Bitrue assured, "All identified users who are affected by this incident will be compensated in full."

According to CoinGecko data, Bitrue handles an average trading volume of over $1 billion per day, with Bitcoin (CRYPTO: BTC) and Ethereum being among the most frequently traded token pairs.

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Photo: Shutterstock

Posted In: $BTC $ETH $HOT $MATIC $QNT $SHIB