June 27, 2019 | AtoZ Markets – The news coming from Singapore tells that the crypto exchange Bitrue has been hit with a massive attack today, causing it to lose 9.3 million XRP and 2.5 million cardano (ADA) from its hot wallet.
The exchange announced the news in a tweet on June 26, that the hit caused a loss of funds of over $4.5 million in XRP (valued at $0.488) and $237,500 in ADA (valued at $0.095), according to CoinMarketCap data.
In a statement, the exchange assures its users that “their personal funds are insured,” and that all those “affected by this breach will have their funds replaced by us as soon as possible.”
In the details of the story, a single hacker first “exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users,” subsequently using this first experience to access the exchange’s hot wallet and steal the cryptocurrency, as the tweet revealed.
Bitrue’s team suspended the hacker immediatey
The team managed to detect the attack quickly after it happened, as per the exchange, and that enabled them to “suspend” the attacker’s activity immediately.
Bitrue said as well that it noticed there were funds flowing into exchanges like Huobi, Bittrex and ChangeNOW — whom it credits with helping to freeze the relevant transactions and accounts.
The incident has pushed the exchange to conduct “an emergency inspection of the platform” now, hoping that it will go live again as soon as possible.
The exchange promises of coming back with log-in and trading support for the relaunch sooner than withdrawals, which will remain offline for a longer period.
It is worth mentioning that Bitrue provides the public with a link to trace the flow of funds on the XRP block explorer.
The exchanged mentioned it had contacted the Singaporean authorities to seek help in identifying the perpetrator.