- Bitrue experienced a brief exploit in one of their hot wallets, leading to a $23M loss.
- Bitrue assures users that the rest of their wallets are secure and will compensate affected users in full.
- Bitrue will temporarily suspend all withdrawals and emphasizes its commitment to transparency throughout the process.
Bitrue has released a statement via Twitter regarding a brief exploit that was identified in one of their hot wallets on April 14, 2023, at 07:18 (UTC). It claims that it was able to quickly address the matter and prevent any further exploitation of funds. The company has stated that it is taking the situation seriously and are currently investigating the incident.
1/4: We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM— Bitrue (@BitrueOfficial) April 14, 2023
According to the tweets, the attackers were successful in withdrawing assets worth around 23 million USD in cryptocurrencies such as ETH, QNT, GALA, SHIB, HOT, and MATIC.
Moreover, the attack was focused on a hot wallet that contained less than 5% of Bitrue’s overall funds. However, the exchange has reassured its users that the rest of their wallets are secure and have not been compromised.
The crypto exchange has announced that as an additional security measure, it will suspend all withdrawals temporarily. The suspension will be lifted on April 18, 2023. Bitrue has requested their users’ understanding and patience during this period.
Additionally, Bitrue has also assured its followers on Twitter that all the users who have been impacted by this incident will be compensated in full.
In their final tweet regarding the matter, Bitrue emphasized its commitment to maintaining transparency throughout the entire process. The exchange has expressed gratitude for the continued support of its users and shared a blog reiterating the updates on the situation.
Meanwhile, PeckShieldAlert has reported that the SHIB, GALA, QNT, and MATIC coins that were withdrawn in the recent Bitrue hack were subsequently sold for around 8,540 ETH. This mass sell-off reportedly caused the price of QNT to drop by 11% in just three hours following the sale.
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