Cryptocurrency isn’t a stranger to hacks, scams and schemes. A lot of exchanges have had their Bitcoin stolen over the years since 2009. It seems that Bitrue is the latest exchange to get hacked as they have lost $4.2 million in user assets.
The platform revealed the breach in a long thread tweets, saying that the event was identified at around 1am local time on June 27th.
The exchange was quick to say that the funds were insured and that anyone who lost cryptocurrency would be refunded, according to the firm.
“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”
Bitrue went on to detail that just over 9 million XRP tokens, worth $4 million had been accessed and transferred off the platform. On top of this, 2.5 million ADA tokens were lost, worth over $230,000.
In terms of how the breach had actually happened, the exchange said:
“A hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”
The exchange is working hard with Bittrex, ChangeNOW and Huobi in light of the attack and has said that they have frozen funds and accounts associated with the hack.
This isn’t the first time Bitrue have fell on hard times this year either. The 51 percent attack on the Ethereum Classic asset, that occurred before, in which a hacker attempted to withdraw 13,000 ETC tokens but claimed the ‘theft’ had been stopped by its system. This had an impact on the exchange as well.
In a blog post published on Thursday, the exchange said:
“Please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”
Read the full post on Medium, here.