Bitrue Exchange suffers a $23M hack due to a hot wallet exploit. The hackers were able to withdraw assets worth about $23M in cryptocurrencies.
- Crypto exchange Bitrue suffers a $23M hack due to a hot wallet exploit.
- The hackers withdrew assets worth about $23M in ETH, QNT, GALA, SHIB, HOT, and MATIC.
Crypto hot wallets aside from their convenience have proven to be a less safe way of securing users’ funds seeing as how they’re connected to the internet. Most crypto exchange hacks have resulted from hot wallet exploits.
Bitrue crypto exchange which trades an average of over $1 billion a day, according to CoinMarketCap data with bitcoin and ether among the most-traded token pairs, has just announced the compromise of one of its hot wallets.
The Crypto exchange took to its Twitter in the early hours of today April 14 to announce that it had identified a brief exploit in one of its hot wallets and quickly addressed the matter from escalating any further, saying it takes the matter seriously and is currently investigating the situation.
The exchange stated that the attackers were able to withdraw a pool of assets which includes ETH, QNT, GALA, SHIB, HOT, and MATIC. This action resulted in a loss of about $23M.
Bitrue stated that the affected hot wallet only holds less than 5% of Its overall funds and that the rest of its wallets remain secure and have not been compromised.
The exchange executives promised to fully compensate all the identified users affected by the hot wallet hack. Saying,
“We seek your understanding and patience at this time. All identified users who are affected by this incident will be compensated in full.”
To conduct additional security checks, Bitrue claims it will temporarily suspend all withdrawals and will reopen withdrawals on 18 April 2023.
Bitrue remains committed to maintaining transparency throughout this process, as it’s currently conducting a thorough security review.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.