Crime

Singaporean crypto exchange Bitrue gets hacked, loses $4.3 million in XRP, ADA

Quick Take

  • Singapore-based cryptocurrency exchange Bitrue has been hacked 
  • It has lost about $4.3 million in XRP and Cardano (ADA) tokens

Singapore-based cryptocurrency exchange Bitrue has announced that it suffered a hack today, losing about $4.3 million in XRP and Cardano (ADA) tokens.

Giving the details of the breach in a Twitter thread on Thursday, Bitrue said that a hacker accessed the exchange’s “hot wallet” and moved 9.3 million XRP ($4.04 million) and 2.5 million ADA ($235,000) to different exchanges.

The 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,” it added.

About 90 Bitrue users were affected, and the exchange has alerted the receiving exchanges about the situation, per the thread.

“Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality. Withdrawals will be offline for a slightly longer period while we continue investigating the situation,” it added.

Bitrue has also contacted the relevant authorities in Singapore to help find the hacker.

Just last month, cryptocurrency exchange Binance got hacked and lost 7000 bitcoin worth about $40 million at the time. 

With today’s Bitrue hack, the total amount stolen from cryptocurrency exchanges is now nearly $1.36 billion, according to The Block’s research.

Out of the total amount, 59.2% came from 2018 alone and 5.4% from 2019 so far. 

These are the ten largest cryptocurrency exchange hacks in history – Bitrue is the 17th largest, as per The Block’s research: