Crypto Exchange Bitrue Loses $23 Million in a Hot Wallet Hack

Bitrue, a globally popular crypto exchange, was hacked by hackers today, April 14. According to an official post from the Biture team, it was noted that hackers exploited one of the hot wallets and wiped out ETH, GALA, SHIB, HOT, QNT, and MATIC.

The hacked hot wallet of Biture contains around 5% of the total funds of the crypto exchange. Moreover, in the same post, the team underlined that they are considering the exploit seriously and working to figure out the situation.

The crypto exchange will halt all its withdrawal operations and conduct a security checkup to ensure things are going well. The process of withdrawal will restart on April 18. Bitrue has identified the users affected by the hack, suggesting they do not worry, and promised the affected users that they would get total compensation for the amount they lost.

According to Whalechart’s Twitter account, Crypto exchange Bitrue lost over $23 Million in the hack on April 14.

https://twitter.com/WhaleChart/status/1646833463746609153.

Similarly, PeckShieldAlert Bitrue hackers wiped out

173K $QNT
22.55B $SHIB
46.4M $GALA, and
310K $MATIC for 8,540 $ETH.

The unidentified hackers received $22M worth of cryptos (320 $ETH, 173K $QNT, 172.55B $SHIB, 46.4M $GALA, 756.15M $HOT, and 310K $MATIC).

QNT token prices were downgraded by over 10% after this hack, but surprisingly in the last 24 hours, the trading volume of QNT tokens soared as high as 800%. At press time, the QNT token was trading at $121.84 with a 24-hour trading volume of $158,884,103.

The 52 weeks trading range of the QNT token is $40.41 and $227.00, and the daily trading range is $112.45 and $128.11. However, other cryptocurrency wiped out by hackers shows no significant price changes.

According to TheCoinRepublic, Platypus Finance was attacked by flash loans resulting in an $8.5 Million loss. According to the U.S. Blockchain analysis, scammers swiped around $1.3 Billion from cryptocurrencies, and 97% was from DeFi platforms in the previous year.

The Ronin network and official Discord of Axie Infinity received damage of $612 Million from hackers. Attackers used private keys to make fraudulent withdrawals, taking the fund out of Ronin’s wallet in just a few transactions.

On April 10, TheCoinRepublic reported that the recently launched DeFi(Decentralized Finance) liquidity pool of TerraClassic Terraport got hacked and lost $9.5 million TERRA, 5.5 Million USTC, and over 15 Million LUNC.

The rapid speed of hacking cases against multiple companies has affected the safeguarding cycle of the crypto industry. The hackers, therefore, are nothing less than modern-day dacoits who loot assets more sophisticatedly than anyone can imagine. In light of this matter, it’d be intriguing to see how Bitrue takes charge of the situation and retaliates against the wrong.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.