BitoPro Confirms $11.5M Exploit After Weeks of Silence
Taiwan-based cryptocurrency exchange BitoPro has now confirmed a hot wallet exploit that led to the theft of over $11.5 million worth of digital assets on May 8.
The stolen assets consisted of assets from Ethereum, Tron, Solana, and Polygon networks, with onchain analyst ZachXBT noting the tokens being traded for each other on decentralized exchanges and laundered using Tornado Cash and THORChain.
Weeks-Long Delay in Public Disclosure
Despite the immediate impact, BitoPro maintained public disclosure from happening for weeks. The exchange on June 2 finalized the exploit on Telegram, which said the breach occurred while updating a wallet when an attacker broke into an “old hot wallet” in case of internal fund transfer.
BitoPro: User Funds and Withdrawals Not Affected
BitoPro also emphasized that exchange operations and user withdrawals are unaffected. “The platform is well-stocked with reserves, and business as usual continues,” the exchange further added. The stolen funds are now under the watch of a third-party security firm.
In an attempt at greater transparency, BitoPro pledged to publish its new hot wallet address soon for transparent open blockchain inspection.
Following DeFi Exploits Demonstrate Improved Threat
The BitoPro attack is merely one of several recent attacks on crypto platforms. On May 22, the DEX platform Cetus was hit for $220 million, though $162 million were subsequently recovered.
On June 2, there was a $3 million exploit reported by Nervos Network. In both cases, attackers utilized Tornado Cash to launder their activity, a recurring theme in crypto crime.
The greater the value locked in DeFi protocols, the more hackers take notice—emphasizing the need to have robust onchain security across platforms.
