Hacker steals $4.5 million from Bitrue cryptocurrency exchange

Recently, another cryptocurrency exchange suffered a major blow due to the cyber attack. Allegedly, on June 27, 2019, Bitrate crypto exchange got hacked as some perpetrators exploited a system vulnerability. The attackers gained access to some users’ funds, following which they intruded the exchange’s hot wallet as well.

The hacker stole 9.3 million Ripple (XRP) coins and 2.5 million Cardano (ADA) coins, worth $4.25 million and $225,000, respectively.

The exchange disclosed the incident in an official statement on their Twitter account as a trail of tweets. As stated by the officials,

At approximately 1am June 27 (GMT+8), a hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. 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.

After detecting the attack, the exchange officials took the system down, after which they then announced some maintenance work.

However, in their statement shared later, they clarified that it was a misstatement due to the uncertainty of the situation.

BITRUE PROMISES TO REIMBURSE ALL VICTIMS

Bitrue said it’s working with Bittrex, ChangeNOW, and Huobi to recover the funds from their respective platform.

“Please let us assure you that this situation is under control, 100% of lost funds will be returned to users,” Bitrue said in its statement.

“We have also contacted the relevant authorities in Singapore to assist us in tracking down the culprit and retrieving the stolen funds.”

Bitrue is a Top 100 cryptocurrency exchange, according to CoinMarketCap’s daily exchange rankings.

Today’s hack is the exchange’s second security incident this year. In January, Bitrue admins also acknowledged to falling victim to a 51% attack during which an attacker exfiltrated over 13,000 Ethereum Classic (ETC) coins worth over $100,000 from the platform’s accounts. That attack, however, was thwarted.

LEAVE A REPLY

Please enter your comment!
Please enter your name here