Bitrue, a Singapore-based cryptocurrency exchange, has fallen victim to a significant cyber-attack, resulting in the loss of approximately $4.5m in customer funds. The breach was discovered in the early hours of the morning, with the company taking to Twitter to disclose the incident.
According to Bitrue, the hacker exploited a vulnerability in the Risk Control team’s review process, gaining access to the personal funds of around 90 users. Subsequently, the hacker was able to access the Bitrue hot wallet and transfer 9.3 million XRP and 2.5 million ADA to other exchanges, totaling approximately $4.25m in Ripple coins and $225,000 in Cardano coins.
In response to the breach, Bitrue took swift action by temporarily suspending activity on the exchange to investigate the matter. Additionally, they alerted exchanges such as Huobi Global, Bittrex, and Change Now to freeze affected funds and accounts. Despite initial confusion surrounding the exchange going down for maintenance, Bitrue assured users that their personal funds are insured and that any affected individuals will have their funds replaced promptly.
Furthermore, Bitrue provided a link for users to monitor the movement of stolen funds and informed Singaporean authorities of the cyber-attack to aid in the recovery of the stolen assets. Despite the unfortunate incident, customers have shown understanding and appreciation for Bitrue’s transparency throughout the ordeal.
This cyber-attack adds to the growing trend of cryptocurrency exchanges falling victim to fraud and cyber-attacks, with reports indicating losses of $1.2bn in the industry this year alone. As the investigation continues and efforts are made to retrieve the stolen funds, Bitrue remains committed to ensuring the security and integrity of their platform for all users.