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Hacker stole 9.3 million Ripple coins and 2.5 million Cardano coins from Bitrue cryptocurrency exchange

Hacker stole 9.3 million Ripple coins and 2.5 million Cardano coins from Bitrue cryptocurrency exchange
  • A hacker exploited a vulnerability in Bitrue’s Risk Control team’s second review process in order to gain access to users’ personal funds.
  • The hacker then exfiltrated 9.3 million Ripple coins and 2.5 million Cardano coins from Bitrue's hot wallet to accounts at several other cryptocurrency exchange platforms.

A hacker stole 9.3 million Ripple (XRP) coins worth $4.25 million and 2.5 million Cardano (ADA) coins worth $225,000 from the Bitrue cryptocurrency exchange platform.

What happened?

A hacker exploited a vulnerability in Bitrue’s Risk Control team’s second review process in order to gain access to users’ personal funds. The hacker then exfiltrated 9.3 million Ripple coins and 2.5 million Cardano coins from Bitrue's hot wallet to accounts at several other cryptocurrency exchange platforms.

Bitrue administrators detected the hack and immediately shut down trading on their platform. Transactions were temporarily suspended and the exchange’s website was put under maintenance.

“Dear Bitrue Users,

First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again,” Bitrue said in a Twitter post.

What actions were taken?

  • The exchange platform reported the incident to the relevant authorities in Singapore to help them in retrieving the lost funds.
  • Bitrue also worked closely with HuobiGlobal, Bittrex exchange, ChangeNOW to freeze the affected funds and accounts.
  • The cryptocurrency exchange is investigating the incident to determine the impact of the hack.
  • It is also reviewing its security measures in order to avoid such incidents from happening in the future.

Within a few hours, Bitrue posted an update stating that the exchange will be live soon with the login and trading functionality.

“UPDATE: We expect to have log in and trading functionality live on Bitrue again within a few hours. Thank you for your patience,” Bitrue tweeted.

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