Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

Hackers Steal Millions from Cryptocurrency Exchange Bitrue

Singapore-based cryptocurrency exchange Bitrue revealed on Thursday that hackers managed to access and move the funds of tens of its customers.

Singapore-based cryptocurrency exchange Bitrue revealed on Thursday that hackers managed to access and move the funds of tens of its customers.

In a statement posted on Twitter, the company said the attackers exploited a vulnerability in its Risk Control team’s second review process, allowing them to access the funds of roughly 90 users.

According to Bitrue, the hackers managed to move 9.3 million XRP (worth roughly $4.5 million) and 2.5 million ADA (worth roughly $230,000) to other exchanges. The company has been working with those exchanges, including Huobi, Bittrex, ChangeNOW and EXMO, to freeze and recover the stolen cryptocurrency.

The incident has been reported to authorities in Singapore in hopes of getting assistance in tracking down the attackers and recovering the stolen funds. The company has also asked individuals who have information about the breach to contact it via email or Twitter.

The exchange claims the funds of impacted individuals are insured and it has promised that everyone will get their money back.

Bitrue said it quickly detected the malicious activity and temporarily suspended its platform, but it should not take too long for login and trading services to be restored.

“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,” the exchange said.

Earlier this year, Bitrue reported that someone had attempted to withdraw 13,000 ETC (Ethereum Classic) from its platform, but the attack was blocked by its systems.

Many cryptocurrency exchanges were targeted by hackers in the past few years and attackers in many cases managed to steal millions and even tens of millions of dollars worth of cryptocurrency. The list of impacted exchanges includes Binance, Coinrail, Zaif, Coincheck, Bithumb, Bter, Bitfinex, and CAVIRTEX.

Related: Hackers Breach Cryptocurrency Platform Atlas Quantum

Related: North Korean Hackers Prep Attacks Against Cryptocurrency Exchanges

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Expert Insights

Related Content

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Cybercrime

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Data Breaches

GoTo said an unidentified threat actor stole encrypted backups and an encryption key for a portion of that data during a 2022 breach.

Cybercrime

The FBI dismantled the network of the prolific Hive ransomware gang and seized infrastructure in Los Angeles that was used for the operation.

Malware & Threats

Microsoft plans to improve the protection of Office users by blocking XLL add-ins from the internet.

Cybercrime

A new study by McAfee and the Center for Strategic and International Studies (CSIS) named a staggering figure as the true annual cost of...

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Application Security

PayPal is alerting roughly 35,000 individuals that their accounts have been targeted in a credential stuffing campaign.