$4.5 Million Hack Scare into Crypto Exchange Bitrue; “100% Funds Recovered”

Crypto Exchange Bitrue

Bitrue, a crypto exchange based in Singapore, announced another hack scare into its platform the early hours of Thursday, June 27th.

According to a series of tweets released by the crypto exchange on Twitter and its Telegram account, the firm’s security team detected a massive hack at about 1 am on June 27. Stating from the report provided, the hack affected about 90 Bitrue users’ wallets and totals at a whopping sum of $4.5 million – 9.3 million Ripple (XRP)trade coins worth $4.25 million and 2.5 million crypto coins of Cardano (ADA) worth $225,000.

The yet-to-be-identified hacker [or group of hackers] reportedly initiated several withdrawals of Ripple and Cardano coins worth a total of $4.5 million. A close investigation showed that the funds were moved to different wallets in a number of crypto exchanges – Huobi, Bittrex, and ChangeNOW.

The first line of defense was to shut down all activities, including login, trading, and withdrawal to prevent further illegal transactions. This is especially important to help the security team investigate the exact cause and originator of the hack.

Not the First Hacking Attempt into the Crypto Exchange

It will be recalled that the exchange survived yet another hack scare earlier in January this year, where an unknown hacker attempted to part away with over 13,000 Ethereum Classic (ETC) digital coins worth more than $100,000. Thankfully, the firm got into action and quickly aborted the hack before the hacker pulled through with it. Well, seems like troubles come in twos.

Nonetheless, Bitrue is soliciting support and extraordinary patience from its users as it hopes to handle the case just as it did with the last one – maybe even better. Like the last time, the firm is assuring its clients and the general public that it is in total control of the situation. It went further in a tweet to state that 100% of the funds have been recovered from several crypto exchanges where it was deposited.

Bitrue also assured its clients that their funds are safe with them and that they are reviewing their security measures and policies to make sure such incidence doesn’t occur again. “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.”

The website is expected to be down until the incident is fully investigated to prevent a similar hack. Bitrue is reportedly working with relevant authorities in Singapore to track down the perpetrators of the theft and uncover the area of breach.

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