Bitrue, a popular cryptocurrency exchange, recently experienced an exploit resulting in a loss of approximately $23 million worth of cryptocurrency. The hack was confirmed by the company, which is now investigating and temporarily suspending all withdrawals. In this article, we will discuss the alert by Cyvers, details of the exploit, and its impact on the exchange.
CyversAlerts was among the first to report suspicious activity on Bitrue's Ethereum address, as can be seen here:
The platform detected a significant drop in the exchange's balance and alerted Bitrue via Twitter, providing transaction details of the suspicious activities. Bitrue confirmed that their Ethereum hot wallet had been compromised and shared the details of the stolen funds in a series of tweets.
Further alerts from the Cyvers platform:
The attackers targeted one of Bitrue's hot wallets on April 10, 2023, and managed to withdraw approximately $23 million worth of cryptocurrencies, including ETH, QNT, GALA, SHIB, HOT, and MATIC. Bitrue confirmed that the affected hot wallet held less than 5% of the exchange's overall funds, with the rest of their wallets remaining secure and un-compromised. The exchange quickly addressed the exploit, preventing further damage to their funds.
In response to the security breach, Bitrue has temporarily suspended all withdrawals until April 18, 2023, to conduct additional security checks. The exchange is committed to transparency throughout the process and has assured users affected by the incident that they will be compensated in full. Our monitoring shows that some of the hacked funds have been deposited to Tornado Cash.
The Bitrue exchange hack highlights the importance of proactive security measures and constant vigilance in the world of cryptocurrency trading. While the exchange prevented further damage, the incident reminds users and exchanges alike to prioritize relevant security measures and adopt best practices to safeguard their digital assets. Bitrue's commitment to transparency and compensating affected users sets a positive example for the industry as it strives to build trust and create a more secure environment for all participants.