Hackers Attacked Crypto Exchange Bitrue and Stole $23M in ETH, SHIB and Other Assets

Crypto Exchange Bitrue has currently reported a hack attack on their native platform. To this end, the firm has reported that the wallet that was affected in this attack contained a considerable amount of cryptocurrencies making up for around 5% of the total reserves.

The firm has also informed that hackers managed to get away with $23 million worth of stolen cryptocurrencies. The trading platform has not specified the technical details of the hack thus far.

It is worth mentioning that Bitrue hails from Singapore that identified a hack attempt on 14 April 2023. The devs of the crypto exchange identified suspicious activities in one of the active wallets. They reported that they were able to patch the issue immediately and managed to prevent any further damage.

Bitrue has also reported that the team is currently working on getting to the bottom of the said incident in terms of entry points and possible blind spots.

Hackers Attacked Bitrue’s Hot Wallet

Bitrue reported that the hackers stole around $23 million worth of cryptocurrencies, namely ETH, QNT, SHIB, GALA, HOT, and MATIC tokens. The firm has reassured the users that the hackers only siphoned 5% of the total cryptocurrency reserves.

They have also confirmed that the wallet was salvaged and not wholly compromised. To this end, the cryptocurrency exchange has halted all withdrawals on the network temporarily.

The firm has reported that it is planning to reopen the withdrawal options on the 18th of April. At the same time, the officials at the exchange have given good news to the affected users about compensating their losses in full.

It is important to mention that Bitrue average trading volume is around $1 billion per day. The data projections provided by CoinGecko have also shown that Bitcoin and Ethereum are among the most traded crypto trading pairs on the network.

Chia network is working on hosting the next IPO event with important factors such as volume and price for the distribution under processing. This blockchain network was founded by Bram Cohen, who also invented the BitTorrent project.

To complete the legal requirements, he has submitted a confidential registration draft to SEC. As per a new article published in Bloomberg, the project was able to raise around $61 million in a series D funding round with participants like Andreessen Horowitz and Richmond Global Ventures.

The firm has aspirations for a public listing with its latest IPO undertaking. Speaking on the matter, Gene Hoffman, the former COO and the current CEO of the project, told the media that it was an accelerated timeline for the said IPO.

The native token of Chia has gained 2.59% of the intraday since the announcement of the SEC filings, as per CoinMarketCap projections.

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