“Bitrue Cryptocurrency Exchange Loses $23 Million in Hack”

Bitrue, a cryptocurrency exchange based in Singapore, reported via a tweet that its wallet had been depleted of $23 million by hackers earlier today.

According to Bitrue, the wallet in question contained an amount of funds that accounted for “less than 5%” of their overall reserves

concept of crypto fraud

Bitrue has not provided details regarding the nature of the attack. According to their statement, they detected a momentary breach in one of their hot wallets at 07:18 (UTC) on April 14, 2023. They acted promptly to address the issue and thwart any further unauthorized access to funds. Bitrue has initiated an investigation into the incident.

Bitrue, a cryptocurrency exchange, has reported a significant security breach resulting in the theft of assets worth approximately 23 million USD. The attackers were able to withdraw funds in several currencies, including ETH, QNT, GALA, SHIB, HOT, and MATIC. The exchange has confirmed that the compromised wallet contained less than 5% of overall reserves, and the remaining wallet was not affected by the breach.

As a security measure, Bitrue has temporarily suspended all withdrawals, with the expectation to reopen withdrawals on April 18. In its official statement, Bitrue assured its users that all identified users who were affected by the incident would be fully compensated.

Despite this security breach, Bitrue remains a significant player in the cryptocurrency market. According to CoinGecko, the exchange trades an average of over $1 billion per day, with bitcoin and ether among the most-traded token pairs. It remains to be seen how this security incident will impact Bitrue’s operations and reputation in the cryptocurrency industry.

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