Singaporean Crypto Exchange Bitrue Suffers Hack, Loses $4.2M Worth Of Crypto

Crime, News | June 27, 2019 By:

Singaporean cryptocurrency exchange Bitrue has lost over $4.2 million worth of cryptocurrencies in a security breach.

In a Twitter post, Bitrue said that at approximately 1 a.m. on June 27 (GMT+8), a hacker exploited a vulnerability in the company’s Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker was reportedly able to access the Bitrue hot wallet and moved 9.3 million XRP ($4M USD) and 2.5 million ADA ($230,000 USD) to different exchanges.

According to Bitrue, administrators detected the hack and immediately shut down trading on the platform. The exchange also alerted the receiving exchanges about the the stolen funds.

“We alerted the receiving exchanges about the situation, and wish to extend our thanks to @HuobiGlobal, @BittrexExchange and @ChangeNOW_io for their help in freezing the affected funds and accounts,” Bitrue said.

Bitrue further assured its users that their personal funds are insured, and anybody affected by this breach will have their funds replaced by the company as soon as possible.

“Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality,” the exchange said. “Withdrawals will be offline for a slightly longer period while we continue investigating the situation. We have also contacted the relevant authorities in Singapore to assist us in tracking down the culprit and retrieving the stolen funds.”