Bitrue Exchange Hacked $4 Million XRP and ADA Stolen
Singapore based cryptocurrency exchange Bitrue hacked and hackers stole more than $4 million worth of cryptocurrencies.
Bitrue exchange reveals than hack via a tweet explains that the hack was identified around 1:00 am local time. The exchange further states that all user funds are insured and users will get a refund for the lost cryptocurrencies.
“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”
The details of the hack are shared by the exchange on Twitter that reveals that 9.3 Million XRP (Approx Worth $4 Million) and 2.5 Million ADA (Approx worth $232,000) were stolen from the exchange wallet.
Bitrue explains how hackers performs the hack:
“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.”
Immediately after the hack Bitrue exchange announced system maintenance and the exchange goes offline. As per the latest update from the exchange trading services has started and users funds are refunded.
UPDATE: We’re happy to announce that log in & trading services are live again on Bitrue.
Additionally, any user accounts that were affected by the breach have had their assets replaced, as per the Bitrue insurance policy.
Thank you so much to everyone who has supported us 💖💖💖
Bitrue is currently working with Huobi, Bittrex and said that they have some frozen funds associated in the hack.
The whole cryptocurrency market is red now because of Bitcoin correction. Bitcoin is now trading at $10,800 (at the time of writing) after the new high of $13960.
