Bitrue Crypto Exchange Loses $23 Million in Latest Cyber hacked

The Bitrue exchange reported that hackers exploited one of its hot wallets, resulting in the theft of approximately $23 million worth of assets, including Ethereum (ETH), Quatn (QNT), GALA, Shiba Inu (SHIB), Holo (HOT), and Polygon (MATIC).

Hot wallets, which are connected to the internet, are known to be more vulnerable to cyber attacks than cold wallets, which are not connected to the internet. This makes them an easy target for hackers seeking to steal valuable assets. In this particular attack, the hackers were able to withdraw various cryptocurrencies from the hot wallet, including QNT, SHIB, GALA, and MATIC, and exchange them for ETH, which they then withdrew to a separate address.

According to blockchain security firm PeckShield, the attacker currently holds $3.2 million worth of SHIB and HOT. Bitrue has suspended withdrawals from the exchange until April 18 to prevent further losses.

Unfortunately, this is not the first time Bitrue has suffered a cyber attack. In 2019, the exchange lost around $5 million worth of Ripple (XRP) and Cardano (ADA) tokens due to a vulnerability in their internal review processes. This allowed attackers to gain access to customer accounts.

It’s clear that the security of cryptocurrency exchanges remains a major concern, especially when it comes to hot wallets. As users continue to entrust their assets to these platforms, it’s crucial for exchanges to prioritize security measures and continuously improve their protocols to prevent future attacks.

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