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News Report

Crypto Exchange Hacked: $23 Million Lost

2 mins
Updated by Geraint Price

In Brief

  • Hackers stole over $23 million from the Bitrue exchange.
  • The exchange has announced to close withdrawals until April 18.
  • It faced community backlash for hiding the hack for four days.
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Bitrue crypto exchange is reporting the hack of one of its hot wallets. More than $22 million has reportedly gone missing.

The exchange said:

We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation.

BeInCrypto has reached out to Bitrue for a comment, but it has yet to hear back from them.

The Hacker Dumped QNT on Open Market

A Twitter account, “vooidds” first reported that Bitrue’s wallet sent 320 Ethereum (ETH) to an unknown wallet 0x34D8. Later they transferred 318 ETH to the drainer wallet 0x1819.

Additionally, the drainer received 173,000 Quant (QNT), 172.55 billion Shiba Inu (SHIB), 46.4 million GALA, 756.15 million Holo (HOT), and 310,000 Polygon (MATIC). 

In total, they received over $23 million worth of assets, but gradually they dumped all the QNT tokens in the open market. The hacker holds around $22 million worth of assets as of writing.

Image source: Etherscan

Bitrue took Four Days to Report Crypto Hack

Bitrue assured its users that the affected hot wallet held less than 5% of the total funds, and the remaining wallets remain secure. The exchange announced temporarily suspending withdrawals until April 18.

However, the transaction that stole from Bitrue was made four days ago. In contrast, the exchange reported the exploit today after on-chain investigators mentioned it on Twitter. Due to this, Bitrue faced backlash from the community. 

A Twitter user commented sarcastically, “Didn’t this happen 4 days ago? nice security.” Whereas another user tweeted, “You were able to address it quickly? Myself and many others watched that wallet getting emptied all night waiting for the dip.”

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.