Bitrue revealed that it discovered a security vulnerability in its system which cost them $4 million in XRP and ADA user funds.

The exchange tweeted earlier today that it will be suspending all its trading activities to perform a scheduled maintenance. But following posts from the Bitrue team revealed that a hacker or hackers used a glitch in the system to get their hands on a large amount of crypto by exploiting the security breach.

It was estimated that the hackers stole approximately 9.3 million XRP and 2.5 million Cardano (ADA), which is equated to $4.2 million.

The post also mentioned that the hackers took the funds from Bitrue’s hot wallet. The team has posted that they are working to recuperate the crypto and have alerted the relevant authorities to help them in their investigation. Bitrue promised that all the recuperated funds will be restituted to their users.

Currently, the exchange is working together with Bittrex, Huobi and ChangeNOW in order to get them to freeze the stolen coins that have been sent to accounts on these exchanges.

In addition to this measure, the exchange is performing an emergency check-up of all its systems so that it can resume all its trading operations as soon as possible.

Bitrue is no stranger to hacks, as earlier this year it was a victim of a 51% attack against Ethereum Classic (ETC), where the hackers tried to get 13,000 ETC. However, the attack was allegedly stopped by Bitrue’s security systems.

Featured Image: Oracle Times

Get the latest Bitcoin News on The Bitcoin News
Our Social Networks:
Facebook Instagram Pinterest Reddit Telegram Twitter Youtube