Singapore-based crypto exchange Bitrue has been hit by a security breach, draining a hot wallet of $23 million in various assets
Cryptocurrency exchange Bitrue announced on April 13, 2023, that it had been hacked. The attacker was able to withdraw approximately $23 million worth of cryptocurrencies, including Ethereum (ETH), Quant (QNT), Gala (GALA), Shiba Inu (SHIB), Holo (HOT), and Polygon (MATIC).
Hot wallets are a type of cryptocurrency wallet that is connected to the internet. This makes them more vulnerable to cyberattacks than cold wallets, which are not connected to the internet.
According to blockchain security firm PeckShield, the attacker was able to swap the stolen cryptocurrencies for ETH and withdraw them to an Ethereum address. The address currently holds $3.2 million worth of SHIB and HOT.
Bitrue has said that it is working with law enforcement to track down the hacker and recover the stolen funds. The exchange has also said that it will reimburse all users who lost funds in the hack.
This is the latest in a series of high-profile cryptocurrency hacks. In January 2023, cryptocurrency exchange Wormhole was hacked for $320 million worth of ETH. In February 2023, cryptocurrency exchange Ronin was hacked for $600 million worth of ETH and USDC.
These hacks highlight the risks associated with cryptocurrency investments. It is important to do your research before investing in any cryptocurrency and to only invest what you can afford to lose.
On April 14, 2023, cryptocurrency exchange Bitrue announced that it had been hacked for $23 million. The hack affected the exchange’s hot wallet, which is a wallet that stores cryptocurrency that is actively being traded. Bitrue said that the affected hot wallet only held less than 5% of the exchange’s overall funds.
The hack was discovered on April 14 at 1:00 AM GMT+8. Bitrue immediately suspended withdrawals from the exchange and began an investigation. The exchange said that it had identified the vulnerability that was exploited and was working to fix it.
On April 15, Bitrue announced that it had identified the hackers and was working with law enforcement to track them down. The exchange also said that it would be compensating all users who lost funds in the hack.
This is not the first time that Bitrue has been hacked. In June 2019, the exchange was hacked for $4.2 million. In that hack, the hackers exploited a vulnerability in Bitrue’s internal review processes to gain access to customer accounts.
The recent hack is a reminder of the risks associated with cryptocurrency exchanges. Exchanges are often targeted by hackers because they hold large amounts of cryptocurrency. Users should be careful about which exchanges they use and should take steps to protect their cryptocurrency, such as using strong passwords and two-factor authentication.
How to Protect Yourself from Cryptocurrency Exchange Hacks
There are a number of things that you can do to protect yourself from cryptocurrency exchange hacks:
- Use a reputable exchange. Do your research and choose an exchange that has a good reputation for security.
- Use strong passwords and two-factor authentication. This will make it more difficult for hackers to gain access to your account.
- Only keep the amount of cryptocurrency that you need for trading on the exchange. Keep the rest of your cryptocurrency in a cold storage wallet.
- Be careful about clicking on links in emails or on websites. Hackers often use phishing attacks to trick users into revealing their personal information.
- Keep your software up to date. Exchanges often release security updates to fix vulnerabilities. Make sure that you install these updates as soon as they are available.
By following these tips, you can help to protect yourself from cryptocurrency exchange hacks.