Another cryptocurrency exchange falls victim to a hack. Bitrue just suffered a hack of nearly $4.2 million in cryptocurrency assets. Stolen directly from the users.
On July 26th, Bitrue announced on Twitter they have been hacked. 9.3 million XRP was stolen with a value of 4.01 million USD and 2.5 million Cardano was also taken directly from the users’ accounts. Luckily Bitrue claims that all customers will be refunded 100%.
One of their tweets said: “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.”
They are following the same path as Binance and its SAFU fund. Binance was hacked a few months ago and CZ commented saying SAFU funds will be used to help customers affected the attack.
According to the Singapore exchange Bitrue, the hacker “exploited a vulnerability in their 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 Bitrate hot wallet.”
The hacker quickly sent those funds to different exchanges. Luckily all transactions were visible on the blockchain and Bitrue teamed up with Houbi, Bittrex, and ChangeNOW to freeze the addresses that received the coins. The team says they will be up and running in no time.
How do you feel about the recent hacks? Are you holding your coins in cold or hot wallets?