Bitrue Suffers a $23 Million Exploit on its Hot Wallet

Bitrue Suffers a $23 Million Exploit on its Hot Wallet

Altcoin news, News

Crypto exchange Bitrue confirmed it suffered a $23 million exploit on one of its hot wallets on 14 April 2023 at 07:18 (UTC). 

Bitrue reported the hackers drained assets worth around $23 million in ETH, QNT, GALA, SHIB, HOT, and MATIC tokens. 

“The affected hot wallet only holds less than 5% of our overall funds. The rest of our wallets remain secure and have not been compromised,” the exchange added.

All withdrawals will be temporarily suspended by Bitrue, who intends to resume them on April 18, 2023. The cryptocurrency exchange promised to fully compensate any users who were harmed by the exploit.

Bitrue noted that it addressed the exploit right away and successfully stopped any further financial misappropriation.

Blockchain security analytics firm Peckshield reported the Bitrue hacker swapped 173,000 QNT, 22.55 billion SHIB, 46.4 million GALA, and 310,000 MATIC for around 8,540 ETH. 

The QNT token suffered a 11% drop in value due to the Bitrue hacker’s swapping, which has caused Aave and Yearn Finance to lose over $10M in stablecoins.

Compiled by Coinbold

blockchain, ETH, hack, SHIB