Hacker drains $23 M from Bitrue crypto exchange

Bitrue exchange suspended all types of crypto withdrawal services on its platform, until the completion of all security checks, following a hack attack on the platform’s hot wallets. 

Bitrue is an averagely popular crypto exchange. This Singapore-based crypto company was founded in 2018. Curtis Wang is the top name behind the Bitrue exchange but research believes that Bitrue grabbed popularity in this innovative sector because of the funding & leadership support from several tech crypto companies. 

On 14 April 2023, The Bitrue team confirmed that the exchange’s hot Wallet was compromised, where the attacker succeeded to drain $23 million worth of crypto assets, including ETH, QNT, GALA, SHIB, HOT, and MATIC.

To tackle the situation, Bitrue suspended crypto withdrawal support instantly and probably the exchange will reopen withdrawal services by 18 April. 

For now, the Bitrue security team is investigating the vulnerability or bug, which helped hacker to drain funds. 

$23 million is equal to 5% of the total crypto assets on the Bitrue exchange. The announcement confirmed that Bitrue will give compensation to all the affected customers.

Crypto security platform Peckshield reported that hackers received a net $22 million worth of crypto assets.

The current trade price of Bitrue coin, a native token of the Bitrue exchange, is $0.034 & this trade price was successfully recovered today following a sudden downfall on 14 April because of the hack attack news. 

Earlier this, Bitrue faced a hack attack in 2019 in which the exchange lost $9 million worth of Cardano (ADA). 

Hack attack on GDAC exchange

Earlier this, on 10 April 2023, South Korean crypto exchange GDAC faced a hack attack in which the exchange lost $13 million worth of crypto assets. 

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