Singapore-based Bitrue exchange faces hack with $4.5 million lost

Posted 27 June, 2019

On June 27, the Singapore Stock Exchange Bitrue reported about a hacker hack that resulted in a loss of cryptocurrencies worth about $4.5 million. The funds for which the scammers attempted were nominated in the XRP cryptocurrency, 9.3 million tokens and Cardano (ADA) stolen, 2.5 million coins stolen.

Bitrue Exchange ranks 54th in the CoinMarketCap ranking with an average daily trading volume of about $77 million. Early in the morning of June 27, a security breach was posted on Bitrue’s official Twitter account. However, the exchange said that the situation was under control and stolen funds would be returned.

Official Statement Regarding The Hacking of Bitrue On June 27 2019

The hackers in the burglary exploited vulnerabilities in the risk management group by exchanges when performing the identification process. As a result, it was got access to personal funds of 90 users kept in hot wallets.

The criminals withdrew funds and sent them to various exchanges, including Huobi Global, Bittrex and ChangeNOW. Bitrue management is thankful for helping to freeze the accounts at other exchanges that received stolen funds. All services are suspended due to the incident.

"Service will be suspended during this period.We apologize for the inconvenience. Thank you for your patience! " - indicated in the message on the site.

Personal funds of Bitrue customers are protected and will be compensated. The latest Twitter message Bitrue states that the exchange will be restored in the coming hours.

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