BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Bitrue Crypto Exchange Hit by $23M Hot Wallet Exploit; Affected Users to Be Fully Compensated

by Dan K
Apr 14, 2023 - 12:00 am
in Blockchain
Bitrue logo symbolizing the exchange's response to the hot wallet exploit and commitment to improved security measures.

Bitrue Crypto Exchange Suffers $23M Hot Wallet Exploit

Crypto exchange Bitrue announced that it suffered a hot wallet exploit that enabled hackers to withdraw multiple cryptocurrencies worth nearly $23 million. The news was announced on April 14, with Bitrue temporarily suspending all withdrawals due to a “brief exploit” of its hot wallet. The firm expects to reopen withdrawals on April 18, 2023, after conducting additional security checks.

Bitrue Promises Full Compensation for Affected Users

Bitrue stated that it was able to address the issue quickly, preventing the further drain of funds. The exchange’s affected hot wallet accounted for less than 5% of its overall funds. Executives at the exchange promised to fully compensate all identified users affected by the incident.

According to the announcement, the affected cryptocurrencies on the exploited hot wallet included Ether, QNT, GALA, SHIB, HOT, and MATIC, which are held at an address beginning with 0x181.

Importance of Security Measures in Crypto Exchanges

Typically, centralized cryptocurrency exchanges utilize both cold and hot wallets to manage user funds. Cold wallets, which are offline storage solutions, provide a higher level of protection against cyberattacks. Hot wallets that are linked to the internet allow for faster deposits and withdrawals, but they are more vulnerable to hacks.

Bitrue is the second major exchange to experience a cyberattack targeting centralized exchanges in recent days. South Korea-based exchange GDAC lost almost $13 million in crypto assets in a similar incident earlier this week. These recent exploits on exchanges underscore the importance of security measures and the need to monitor crypto exchanges.

While cryptocurrency’s lack of a central authority is one of its strengths, it also means that no one is in charge of the industry, making it necessary for users to be cautious and research before choosing a crypto exchange to ensure their assets are as secure as possible.

Bitrue’s Response and Future Security Measures

Bitrue’s customers have reasons to worry about the safety of their funds following the hack, but the exchange’s swift response and dedication to improving security should ease concerns. The exchange is conducting a thorough security review and promises to update its users as further progress is made.

Tags: Security
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service