BREAKING ⁠— Bitrue Hacked for $3.6 Million; Funds Would Be Returned

Singapore-based cryptocurrency exchange, Bitrue reported a security breach today June 27, revealing that hacker had exploited a vulnerability in their “Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users.”

The result was that the hacker made away with 9.3 million XRP (appr. $3.4 million) and 2.5 million ADA (appr. $225,000) held on the user accounts. That amount is worth roughly $3.6 million at the time of writing.

However, Bitrue noted that while it halted activity on the exchange upon detecting the transaction, it also contact the receiving exchanges like Huobi, Bittrex, and ChangeNow, who helped seize some of the funds. The statement, however, did not reveal how much was recovered.

PayBack Certain for Affected Bitrue Customers

As was the case with the recent Binance hack, Bittrue assured that it had the incident under control and would return the lost funds to users.

In the interim, the exchange said it would work to reopen deposit and trading features as soon as possible while withdrawals will be offline for a slightly more extended period. Bitrue also said it had contacted the relevant authorities in Singapore with the hope that they would receive assistance in hunting down the culprit and recovering the stolen funds.

The development at Bitrue no doubt calls to mind that crypto exchanges are often vulnerable to downtimes or hackers, especially during peak trading periods such as the current bull market.

Earlier in the day, we reported that downtime on U.S based cryptocurrency exchange, Coinbase contributed to the current decline in Bitcoin prices at press time.