Crypto Exchange Bitrue Drained of $23M in Hack of Ether, Shiba Inu, Other Tokens

Bitrue said the affected wallet contained “less than 5%” of overall reserves.

AccessTimeIconApr 14, 2023 at 10:56 a.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

Hackers drained $23 million from a wallet belonging to Singapore-based crypto exchange Bitrue earlier Friday, it said in a tweet.

Bitrue did not specify how the attack took place.

“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,” Bitrue said, adding the team was investigating the situation.

“The attackers were able to withdraw assets worth approximately 23 million USD in the following currencies: ETH, QNT, GALA, SHIB, HOT and MATIC,” the exchange added.

Bitrue said the affected wallet contained less than 5% of overall reserves and the remaining wallet was not compromised.

The exchange has temporarily suspended all withdrawals. It expects to reopen withdrawals on April 18. “All identified users who are affected by this incident will be compensated in full,” the post ended.

Bitrue trades an average of over $1 billion a day, data from CoinGecko shows, with bitcoin and ether among the most-traded token pairs.

Bitrue coin was down nominally in the past 24 hours.

Edited by Sheldon Reback.


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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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