Bitrue announced that its hot wallet, which accounts for 5 percent of all funds on the exchange, has been hacked.
Bitrue administrators pledged to fully compensate the funds of all identified users affected by the hack. The exchange underlined that there was a loss of $23 million after the hot wallet attack by hackers. Announcing the attack on April 14, Bitrue said it had to temporarily suspend all withdrawals due to short-term abuse of its hot wallet.
Hackers Driven to DeFi Protocols
The firm plans to reopen withdrawals on April 18, 2023, after additional security checks. Bitrue emphasized that it was able to address the issue quickly, which allowed the platform to prevent further draining of its funds.
Making a statement on the subject, the company made the following statements: “The rest of our wallets are safe, but the danger has not been overcome yet. We are conducting a thorough security review and will keep you informed as we make progress.”
Bitrue executives announced that crypto assets such as Ethereum, Shiba Inu, Gala, Quant, Holo and Polygon were included in the hacked wallet. According to data from Chainalysis, in the first three months of 2022, crypto exchange attacks accounted for only 3 percent of all crypto stolen, while 97 percent consisted of DeFi protocols.
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