HomeNEWSBitrue suffers $23 million hack on its hot wallet

Bitrue suffers $23 million hack on its hot wallet


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On Friday, a renowned crypto exchange, Bitrue suffered an attack on its hot wallet. According to a Twitter post by the protocol, the attacker leveraged on the exploitation to withdraw $23 million worth of assets from the wallet. However, as of the time of writing, Bitrue said it has managed the situation to forestall further exploitation of its funds.

The crypto exchange, in its post, listed the assets that were stolen during the exploitation. According to the firm, the stolen assets include USD in ETH, QNT, GALA, SHIB, HOT and MATIC. Although, it says the stolen funds only represents 5% of its total assets. Bitrue also declared that apart from single wallet attacked by the hacker, other wallets are secure and their funds are intact.

Bitrue to investigate latest exploitation on its network

But, Bitrue vows to commence investigations into the cause of the attack. As part of the measures to aid the investigations, it announced temporary suspension of all withdrawals till April 18, 2023. The exchange seeks the understanding of its community of users over the decision. Going forward, Bitrue wants to identify users who were affected by the hack so as to fully compensate them. It promised to carry out the compensation plan with transparency.

However, this development means Bitrue has joined the growing list of crypto firms that have experienced exploitations this year. Barely a few days ago, a South Korean crypto exchange, GDAC experienced a similar attack on its wallet. Its attacker went away with $13.1 million in Bitcoin, Ether, Wemix and USDT. This thus represent 23% of its overall assets. Shortly after the attack, GDAC revealed that the attacker has transferred the stolen funds to an unidentified wallet.

Just like Bitrue, GDAC also commenced investigations into the incident and halted withdrawals on its network. The crypto exchange reported the matter to the South Korean Police. It also urged all other crypto exchanges to be alert and freeze any suspicious transactions on their networks.

Last month, Euler Finance also suffered a devastating exploitation on its network. Its attacker stole a whooping $197 million in assets. As reported by Binbits, some of the assets stolen from the lending platform include 8.87 million $DAI, 34 million $USDC and about 85.8k $stETH. Although the hacker had already refunded 3000 ETH worth over $5.5 million to the protocol. In the course of the crisis, Euler Finance, just like Bitrue, also halted deposits and withdrawals on its platform.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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