HQ/EMEAFind out how we can help your business
In an announcement on Twitter, the crypto trading platform Bitrue revealed losing over $23 million in digital assets from a cyberattack. Some of the cryptocurrencies lost in the security incident are Ethereum (ETH), Shiba Inu (SHIB), Holo (HOT), Polygon (MATIC), and Quant (QNT).
Described by the company as a “brief exploit,” Bitrue explained that the incident occurred in one of its hot wallets – a cryptocurrency wallet accessible through the public internet.
Bitrue crypto platform users are assured that only less than 5% of the company’s overall funds have been lost to the cyberattack.
As traders were apprehensive about the cyberattack incident on the Bitrue crypto platform, the company said that only under 5% of its funds within the affected hot wallet had been lost to the attackers. Bitrue also added that the rest of their wallets remain secure from cyberattacks.
An in-depth investigation is ongoing, and updates will be made once the company discovers developments on the incident.
As a part of the security incident, the trading platform has temporarily suspended all digital asset withdrawals while deeper security checks are in place. Nevertheless, withdrawals are planned to be resumed by April 18.
Bitrue’s traders affected by the cryptocurrency theft on the platform are sworn to be fully compensated. As of now, blockchain experts have been tracking the funds lost in the security incident to identify all needed details. This tracking progress also revealed that the malicious actor has already converted some stolen funds into Ethereum.
Based in Singapore, Bitrue vows to be one of the most advanced and secure cryptocurrency management platforms. However, in 2019, the company experienced its first cyberattack involving a hacker stealing approximately $4.7 million in digital assets (XRP and ADA) through vulnerability abuse.
Similar to this new incident, users who have been victims of the 2019 incident have been refunded.
Separate studies show that the Bitrue crypto platform operates more than $1 billion in average trading volume daily. Most of its traded token pairs are from Bitcoin (BTC) and Ethereum (ETH).
