Singapore based Bitrue Exchange Hacked


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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Bitrue Exchange, a Singapore based Cryptocurrency exchange has suffered a major hack, which led to the loss of Cryptocurrency in the worth of $4.2 million. The exchange revealed the incident through a tweet thread on the 27th of March.

The exchange noted in the tweet that the hack took place around 1 AM, local time of Singapore on the 27th of March. The stolen Cryptos include 9.3 million XRP, worth $4.01 million, and 2.5 million Cardano (ADA), worth $231,800.

Bitrue noted that a purportedly single hacker first exploited a vulnerability in its Risk control team’s second review process to access the personal funds of about 90 users of the platform. Afterwards, this was further utilized to access the hot wallet of the exchange and steal the Cryptocurrencies. This was swiftly detected and the hacker’s activity was disrupted by the exchange.

To fully render the hacker’s activity impotent, the exchange stated that it notified receiving exchanges of the incoming ill-gotten funds; specifically Huobi, Bittrex, and ChangeNOW. These exchanges were saddled with helping to freeze the relevant transactions and accounts.

Meanwhile, the exchange assures its users that the situation is under control and 100 percent of the lost funds will be returned to the users. Also, the exchange noted that it is already reviewing its security measures and policies to ensure such type of occurrence does not happen again, and it will return to full operation again as soon as possible.

Earlier this year, Bitrue experienced a 51 percent attack on the Ethereum classic Cryptocurrency. The hacker made an attempt to withdraw 13,000 ETC, but the exchange claimed the attempt was stopped by its system.

Crypto hack makes assets of investors unsafe. The trend of Crypto hack was very prominent during the last bull trend and the year 2018. One of the major hacks that have taken the Crypto space by storm in 2019 is the $40 million hack of top crypto exchange, Binance.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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