A new case with crypto hackers stealing money from exchanges is here – and this time it is the Singaporean exchange Bitrue which announced that it has had $3.9 million in XRP and $225,000 in Cardano (ADA) stolen in an early morning hack.
As the latest cryptocurrency news echoed by the exchange revealed:
“At approximately 1am June 27 (GMT+8), a hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”
https://twitter.com/BitrueOfficial/status/1144066874147131392
This is not the first case where crypto hackers got away with millions from exchanges. In fact, the first half of 2019 had even seven crypto exchanges including the names of Bithumb and Binanec losing money in high-profile security breaches. Lost user funds are again a case in the altcoin news with the Bitrue hacking attack – which brings the total number of exchanges hacked in 2019 to eight.
All of this raises concerns about the exchange’s security and how easy it is for crypto hackers to actually steal money from them. As the Bitrue team said in the
altcoin news, 100% of lost funds will be returned to users. The exchange is apparently working to ensure that a similar case from crypto hackers does not happen in the future.
“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,” Bitrue said.
In comparison to the past hacking attacks, the amount of assets stolen in the Bitrue hack is relatively small at $4 million. The exchange and many
best cryptocurrency news sites noted that the stolen funds have been sent to Huobi, Bittrex and ChangeNOW.
“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 Huobi, Bittrex and ChangeNOW for their help in freezing the affected funds and accounts,” the team said.
During a period when some of the biggest exchanges in the market are being hacked, it is still difficult to prevent all types of breaches, especially when the cases are minor exchanges.
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