Bitrue loses ~$4.5 million in hack; situation under control, says exchange

Bitrue, a Singapore-based exchange, announced earlier today that it had been hacked, causing a loss of cryptos worth approximately $4.5 million. Among the stolen cryptos were 9.3 million XRP and 2.5 million Cardano [ADA].

The exchange, which ranks 54th on CoinMarketCap, officially announced the breach in their security on Twitter at 7:46 IST on June 27. Bitrue stated that it has the situation under control, promising that 100% of user funds will be returned to users.

Official Statement Regarding The Hacking of Bitrue On June 27 2019

— Bitrue (@BitrueOfficial) June 27, 2019

The exchange added that hackers were able to exploit a vulnerability in their “Risk Control team’s 2nd review process,” which led the hackers to gain “access to the personal funds of about 90 Bitrue users” stored in hot wallets.

The hacker or hackers siphoned off these funds and sent them to various exchanges, including, Huobi Global, Bittrex, and ChangeNOW exchange. Bitrue is being assisted by the aforementioned exchanges, all of whom are freezing the accounts that are connected with the hack. The hack has caused the exchange to temporarily halt all services on Bitrue.

The exchange added,

“Please note that at the time, due to uncertainty about the current situation, we stated that the exchange was going down for some unplanned maintenance. We apologize for this miscommunication with our users.”