27. September 2023

Bitrue Crypto Exchange Suffers $23M Hack, Promises to Compensate Users

Bitrue Crypto Exchange Suffers $23M Hack

• On April 14th, Bitrue, a cryptocurrency exchange, suffered a hot wallet exploit allowing attackers to withdraw various crypto assets worth nearly $23 million.
• As a result of the attack, Bitrue had to temporarily suspend all withdrawals and will reopen them after conducting additional security checks.
• Bitrue executives promised to fully compensate all identified users affected by the incident.

Exploit Detected Quickly

Bitrue detected the exploit quickly and was able to prevent the further draining of funds from its platform. The affected hot wallet accounted for less than 5% of the exchange’s overall funds. The firm also said that other wallets on its platform remained secure and were not compromised.

Affected Currencies

The currencies that were stored in the exploited hot wallet included Ether (ETH), Shiba Inu (SHIB), Quant (QNT), Gala (GALA) Holo (HOT) and Polygon Matic (MATIC).

Trend Toward DeFi Hacks

The increase in DeFi hacks has caused hackers to move away from traditional centralized exchanges. In the first three months of 2022, only 3% of all cryptocurrency stolen was taken from crypto exchanges, while 97% was taken from DeFi protocols according to data from Chainalysis.

About Bitrue

Founded in Singapore in 2018, Bitrue is a major centralized cryptocurrency exchange offering an extensive range of trading tools for both retail and institutional traders.