Altcoin News: Crypto Exchange Bitrue Lost $4.5 Million as a Result of a Hacker Attack

June 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

This night the cryptocurrency exchange Bitrue reported a hacker attack on its platform, as a result of which about 4.5 million dollars in XRP and Cardano became the prey of the attackers.

“ 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 exchange writes. “Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality. Withdrawals will be offline for a slightly longer period while we continue investigating the situation.”

According to her, the hacker took advantage of a vulnerability in the risk control system and got access to accounts of about 90 users. This allowed him to withdraw 9.3 million XRP and 2.5 million ADA from the hot wallet of the exchange to the addresses of various trading platforms. The company thanks Huobi Global, Bittrex and ChangeNOW for responding to its request and freezing the assets transferred by the attacker.

At the time of publication, the Bitrue site is still in maintenance mode, but the reason message published on the page says nothing. In its Twitter, the company explains that it is conducting an urgent verification of systems and hopes to resume trading in the near future. Withdrawals will be unavailable during the investigation. The company asked for help from the relevant authorities in Singapore, where it is registered, and promises to share the news as they become available.

According to CoinMarketCap, Bitrue ranks 55th in terms of adjusted trading volume among all cryptocurrency exchanges.

Author: Marko Vidrih