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.
Heads up, @BitrueOfficial platform will be down for some scheduled maintenance on June 29 15:00-18:00 (GMT+8) while we perform a few upgrades. Sorry for any inconvenience, please plan ahead! https://t.co/9hLakZXh4j pic.twitter.com/tji8jP2URZ
— Bitrue (@BitrueOfficial) June 26, 2019
Dear Bitrue Users,
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 (@BitrueOfficial) June 27, 2019
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.
At approximately 1am June 27 (GMT+8), a hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users.
— Bitrue (@BitrueOfficial) June 27, 2019
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.
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.
— Bitrue (@BitrueOfficial) June 27, 2019
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.
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