Cryptocurrency exchange Bitrue suffered a hot wallet exploit that allowed attackers to withdraw nearly $23 million worth of various crypto assets.
Announcing the news on April 14, Bitrue said it had to temporarily suspend all withdrawals due to a “brief exploit” of its hot wallet. The firm expects to reopen withdrawals on April 18, 2023 after conducting additional security checks.
4/3: For additional security checks, Bitrue will temporarily suspend all withdrawals and will reopen withdrawals on April 18, 2023. We ask for your understanding and patience at this time. All identified users affected by this incident will be fully compensated.
—Bitrue (@BitrueOfficial) April 14, 2023
Bitrue stressed that it was able to address the matter quickly, allowing the platform to prevent further leakage of funds. “We take this matter seriously and are currently looking into the situation,” Bitrue noted, adding that the affected hot wallet only accounted for less than 5% of the exchange’s total funds. The firm wrote:
“The rest of our wallets continue to be secure and have not been compromised. We are conducting a thorough security review and will update as we progress.”
Bitrue executives promised to fully compensate all identified users affected by the incident. Per the announcement, the affected coins in the exploited hot wallet included Ether (ETH), Shiba Inu (SHIB), Quant (QNT), GALA (GALA), Holo (HOT), and Polygon (MATIC).
Related: South Korean Crypto Exchange GDAC Hacked For Nearly $14 Million
This post Bitrue Crypto Exchange Suffers $23M Hack Due to Hot Wallet Exploit
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