Home News Security Singaporean Crypto Exchange Bitrue Hacked, XRP and Cardano Tokens Worth $4.5 Million...

Singaporean Crypto Exchange Bitrue Hacked, XRP and Cardano Tokens Worth $4.5 Million Stolen

One more cryptocurrency exchange has become the target of hackers. Bitrue, a Singapore based crypto exchange, just announced that tokens worth $4.5 million have been stolen from its platform.

June 27, 2019 10:40
Bitrue Facebook Cover
Security has been cited as a key feature in Bitrue's Facebook cover page.
Share with your friends

The relationship of cryptocurrency exchanges and hacks is getting longer day-by-day. The latest entry in this relation is that of Singaporean cryptocurrency exchange Bitrue, which just announced that it has been hacked. The quantum of amount stolen in hack once again runs into millions, as 9.3 million XRP (worth more than 4.3 million USD) and 2.3 million Cardano tokens (worth more than 244,000 USD) have been moved from hot wallets of Bitrue. So the total stolen amount runs between 4-5 million dollars. Though the company has said that 100% of lost funds will be returned to the users, the truth in this claim will come to be known in the coming days only.

The announcement came early in the morning at 7:46 AM, IST. In 10 tweets company outlined how hacker exploited a vulnerability in the second review process of company’s Risk Control Team to access the personal funds of about 90 users. The hacker then used the same vulnerability to also gain access to the hot wallets of company and moved 9.3 million XRP and 2.3 million ADA tokens to different exchanges. The company has said that it quickly detected the hack, and alerted other exchanges like Huobi, Bittrex and ChangeNow to freeze the stolen funds. Bitrue said in its tweet that the exchanges have helped it with the same.

Ad

Now, the company is doing an internal investigation of the situation to assess the situation (and how to prevent it in future). The website of exchange has gone down, and they have been assured in company’s tweet that their funds will be returned as soon as possible.

The company has also involved the authorities in Singapore to help it nab the culprit and retrieve the stolen funds. But if history is a guide then we know that hackers of cryptocurrency exchanges are almost never caught. That is because such acts are carried out by sophisticated hackers and not amateurs. The exchanges shut down after hacks (as it happened in Coinsecure and Mt. Gox cases), but not the hackers. The best thing that can happen after the hack of a cryptocurrency exchange is users getting their funds in full, as it happened in the case of Binance. Now let’s see what comes in this saga!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

LEAVE A REPLY

Please enter your comment!
Please enter your name here