Crooks stole millions from Bitrue Cryptocurrency Exchange

Another cryptocurrency exchange announced to have suffered a theft, this time is the victim is the Singapore-based Bitrue.

It has happened again, crooks stole funds from another cryptocurrency exchange, this time the victim is the Singapore-based Bitrue.

Bitrue revealed on Thursday that hackers accessed the accounts of tens of its customers and stole their funds.

The company confirmed in a message posted on Twitter that attackers exploited a vulnerability in its Risk Control team’s second review process, the incident impacted roughly 90 users.

The attackers transferred 9.3 million XRP (worth roughly $4 million) and 2.5 million ADA (worth roughly $230,000) to other exchanges. The company is working with involved exchanges (i.e. Huobi, Bittrex, ChangeNOW and EXMO) to block the transactions and recover the stolen funds.

Bitrue reported the incident to local authorities and asked individuals who have information about the breach to contact it via email or Twitter.

The exchange claims the funds of impacted individuals are insured and it has promised that everyone will get their money back.

The good news is that Bitrue quickly detected the hack and adopted all the necessary countermeasures to limit the damages.

“The attack was soon detected, and activity was temporarily suspended on Bitrue. We alerted the receiving exchanges about the situation, and wish to extend our thanks to @HuobiGlobal, @BittrexExchange and @ChangeNOW_io for their help in freezing the affected funds and accounts.” reads a Tweet posted by the company.

“Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality. Withdrawals will be offline for a slightly longer period while we continue investigating the situation” the exchange added.

Cryptocurrency exchanges are a profitable target for cybercriminals, in the past few years, many companies reported thefts of millions of dollars worth of cryptocurrency. The list of hacked exchanges includes BithumbBinanceCoinrailZaifCoincheck, and Bitfinex.

Pierluigi Paganini

July 1, 2019

cyber defense awardsWe are in our 11th year, and Global InfoSec Awards are incredibly well received – helping build buzz, customer awareness, sales and marketing growth opportunities, investment opportunities and so much more.
Cyber Defense Awards

12th Anniversary Top InfoSec Innovator & Black Unicorn Awards for 2024 are now Open! Finalists Notified Before BlackHat USA 2024...