Hackers breach cryptocurrency exchange Bitrue for $4.2M in Ripple and Cardano
Another day, and another cryptocurrency exchange hack. Attackers have thieved $4.2 million worth of cryptocurrency from exchange Bitrue.
Earlier today, the exchange announced on Twitter (spotted by ZDNet) that it was subject to a hack in which bad actors made off with 9.3 million Ripple and 2.5 million Cardano ($233,000) coins.
At the time of writing, the amounted totals to a little over $4.2 million.
Half of the stolen funds have been transfered to private wallets, while the other half was moved to five exchanges Huobi, Bittrex, ChangeNOW, Exmo.
me, and Coinswitch.co. Huobi, Bittrex, and ChangeNOW have frozen $1.35 million worth of the funds, Bitrue told Hard Fork in a statement. Bitrue expects to recover the $1.35 million currently frozen on exchanges.
“After recovering the frozen assets, the net loss will be $3.15 million USD.
This total includes $1.89 million USD lost from individual user accounts, and $1.26 million USD lost from Bitrue’s own hot wallet,” the statement reads.
“The funds lost by user accounts were insured and will be replaced by Bitrue as soon as the exchange resumes service.
” According to Bitrue’s statement, the hacker exploited a part of one of the company’s internal review processes to gain access to a hot wallet.
The funds of around 90 users have been affected, but Bitrue remains adamant that the situation is under control and that it will return 100 percent of lost coins to those affected.
System administrators at Bitrue claimed they immediatley detected the hack, and shut down the exchange within 30 minutes.
While Bitrue is communicating openly about the hack, it originally confused users after it announced it would be performing unscheduled “temporary maintenance,” that would last “about 15-18 hours.”
Read the full topic at
https://thenextweb.com/hardfork/2019/06/27/bitrue-hack-ripple-cardano-4-million/
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