Taiwan’s BitoPro Suspected of $11.5 Million Crypto Heist – Coincu

On May 8, 2025, Taiwan’s crypto exchange BitoPro allegedly suffered an attack losing $11.5 million, as detailed by blockchain detective ZachXBT.

The event emphasizes the ongoing security issues within the crypto sector, prompting scrutiny over exchange transparency and asset protection.

Community Scrutiny and Market Insights as Crypto Firms Face Challenges

Reports from ZachXBT identify the potential breach involving several cryptocurrencies like Tron, Ethereum, Solana, and Polygon. Funds were transferred to decentralized exchanges (DEX) and subsequently moved through platforms such as Tornado Cash and Thorchain. It ended at Wasabi Wallet, allegedly for anonymization.

BitoPro has not officially announced details about the incident, stating a suspension of services for “system maintenance.” The lack of communication raises questions within the community regarding transparency. Crypto enthusiasts express concerns, with some calling for improved disclosure standards and network security measures.

“Taiwan officially established a cryptocurrency industry association with 24 crypto firms, chaired by myself.” — Titan Cheng, Founder and CEO, BitoGroup

Market Data and Insights

Did you know? In 2023, the cryptocurrency market faced numerous security challenges, leading to losses surpassing $2.00 billion globally, pushing regulators for tighter industry supervision.

TRON, with a current price of $0.27, exhibits a market cap of $25.68 billion. As per CoinMarketCap, the crypto shows a 90-day price increase of 16.02%, despite a 24-hour trading volume drop to $370.23 million.

The Coincu research team advises strategic enhancements in regulatory frameworks and technology fortifications in exchanges to prevent such security challenges, highlighting precedents where tighter regulations fostered market confidence.