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Bitrue Exchange Hacked. Losses Amount About $4.5 Mln in XRP and ADA

27 June 2019 14:47, UTC

Another hack attack occurred: Bitrue Singapore cryptocurrency exchange was attacked, resulting in a loss of XRP and Cardano (ADA) in the equivalent of $4.5 mln. The exchange announced the incident via its official Twitter account.

Before going into the details of hacking, the team talked about the current status and lost funds, and also tried to reassure users in its solvency:

“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.”

The theft occurred on June 26 at 17:00, when the hacker took advantage of the vulnerability in the exchange’s Risk Control team’s second review process to their 90 users’ funds. Suspicious activity was promptly discovered when the hacker was withdrawing funds to other exchanges. Bitrue representatives contacted Huobi and Bittrex on the issue of freezing funds and accounts. The team also provided a link where users can track stolen funds.

At the moment, the exchange is not working, an investigation and technical maintenance are underway.

Image courtesy of Bitcoin Exchange Guide