Crypto exchange Bitrue hacked for $23 million

Crypto exchange Bitrue was just hacked with $23 million being drained from one of their wallets….

The Singapore-based company emphasized that the attack held less than 5% of their overall reserves. As a result of this incident, Bitrue has temporarily suspended all withdrawals but plans to reopen them on April 18th.

Bitrue is a popular exchange, with an average daily trade volume of over $1 billion, and bitcoin and ether being among the most-traded token pairs – they have promised to compensate all identified users who were affected by this incident in full

The attack saw hackers withdrawing Ethereum (ETH), Quant (QNT), Gala (GALA), Shiba Inu (SHIB), Holo (HOT), and Polygon (MATIC). Bitrue did not detail how the attack took place but said that it had quickly addressed the matter and prevented the further exploitation of funds.

This news serves as a reminder that hardware wallets are a must for people in the crypto space, not your keys, not your crypto!

For Bitrue, the focus now will be on identifying how this attack took place and how to prevent similar incidents from occurring in the future. Additionally, the exchange must work to rebuild trust with its users and compensate those affected fully for their losses.