Bitrue Hack Leads to $23M Cryptocurrency Loss

Bitrue Hot Wallet Exploit

Bitrue, a prominent cryptocurrency exchange, recently faced a security breach resulting in a $23 million loss. The incident occurred on April 14, 2023, targeting one of their hot wallets. Swift action from Bitrue prevented further exploitation of funds, and an investigation is underway to understand the breach fully.

Impact and Response

The attackers successfully withdrew various cryptocurrencies, including ETH, QNT, GALA, SHIB, HOT, and MATIC. Despite the breach, only a small portion—less than 5% of Bitrue’s total funds—was affected. Bitrue has reassured users that the remaining wallets are secure. As a precaution, all withdrawals have been temporarily suspended, with plans to resume on April 18, 2023.

User Assurance and Compensation

Bitrue is committed to transparency and has promised full compensation to all affected users. The exchange has communicated this assurance via Twitter, emphasizing its dedication to maintaining user trust and security.

Market Reaction

Following the exploit, the stolen SHIB, GALA, QNT, and MATIC coins were reportedly sold for approximately 8,540 ETH. This massive sell-off led to a significant market impact, notably causing the price of QNT to drop by 11% within just three hours.

Commitment to Transparency

Throughout the incident, Bitrue has maintained a transparent approach, keeping users informed via social media and blog updates. The exchange has expressed gratitude for the ongoing support from its user base during this challenging time.