Hackers hacked the Bitrue crypto exchange and stole $23 million in cryptocurrency

Hackers hacked the Bitrue crypto exchange and stole $23 million in cryptocurrency

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Author: Robert Strickland (crypto expert)
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Hackers hacked the Bitrue crypto exchange and stole $23 million in cryptocurrency
Hackers hacked the Bitrue crypto exchange in Singapore and stole $23 million in cryptocurrencies
The platform said it has suspended the ability to withdraw funds until April 18

Hackers hacked the Bitrue crypto exchange and stole $23 million worth of cryptocurrency. The platform said it detected the attack on its hot wallet on the morning of April 14 and stopped it, preventing the loss of even more funds.

Bitrue is a Singapore-based centralized crypto exchange founded in 2018. It features 536 cryptocurrencies and 1,085 trading pairs. According to CoinGecko, trading volume on the site was $1.9 billion in the last 24 hours.

Centralized crypto exchanges often use a combination of "cold" (offline) and "hot" (Internet-connected) wallets to store user funds. The former provides more security, while the latter allows fast transactions but is more vulnerable to hacking, so they typically hold a small portion of funds.

Bitrue temporarily suspended the ability to withdraw funds and plans to reinstate it on April 18. Users affected by the incident will receive a full refund, the exchange said in a statement.

On April 9, hackers broke into the South Korean exchange GDAC and stole about $14 million in cryptocurrencies (at the rate at the time of the theft). The platform suspended deposit and withdrawal functions. On April 13, GDAC announced that all user funds are safe, but it may take about two more weeks before deposits resume and the ability to withdraw assets.

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