Bitrue drained of $23M in hack

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By A D

On April 14th, 2023, Bitrue, a prominent Singapore-based cryptocurrency exchange, was hacked, resulting in the theft of $23 million in various tokens. The hackers targeted Bitrue’s hot wallets, which are connected to the internet and used to facilitate quick transactions, rather than the more secure cold storage wallets that are kept offline. As a result, the attackers were able to gain access to “5% of the reserves” and steal ETH, QNT, GALA, SHIB, HOT and MATIC.

The hack was a devastating blow to Bitrue and its customers, who were left with losses ranging from a few dollars to tens of thousands of dollars. The reason and specifics of the breach have not been cleared up by the exchange yet. They immediately shut down all deposits and withdrawals and launched an investigation into the breach. Bitrue also promised to reimburse customers for their losses, and to prevent similar incidents in the future.

The impact of the Bitrue hack was felt far beyond the exchange’s customers, however. The news of the hack spread quickly across the cryptocurrency community, and Bitrue’s native token, BTR, took a massive hit. Within hours of the attack, BTR had lost over 3% of its value, and the price continued to plummet over the next few days adding to its recent bear streak.

In response to the hack and the resulting drop in BTR’s value, Bitrue took several steps to reassure its customers and investors. The exchange announced that it would be implementing new security measures, including a move to multi-signature wallets, which require multiple approvals before transactions can be completed. Bitrue also assured its customers that their funds were safe, and that it would be reimbursing them for any losses incurred as a result of the hack.

Despite these efforts, however, the damage had already been done. Many saw the incident as a stark reminder of the risks inherent in investing in digital assets, and some even called for greater regulation of the industry to prevent similar attacks in the future. The Bitrue hack serves as a sobering reminder of the need for robust security measures in the cryptocurrency industry. While the blockchain technology that underpins digital assets is highly secure, the exchanges that facilitate their buying and selling are still vulnerable to attack.

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