- Bitrue hot wallet exploited, $23M lost
- Withdrawals suspended, resuming April 18
- Affected users to be fully compensated
Cryptocurrency exchange Bitrue was hit by a cyber attack in which hackers exploited a hot wallet vulnerability and stole nearly $23 million in various digital assets. The exchange announced the security breach on April 14th, leading to an immediate suspension of all withdrawals as the company addressed the issue.
Bitrue officials have assured users that the compromised hot wallet represents less than 5% of the exchange’s total funds, with the remaining wallets remaining secure and unaffected. In response to the incident, the exchange is now conducting a comprehensive security review to prevent any further losses and to identify the underlying cause of the breach.
The firm acted swiftly to minimize the impact of the exploit, stopping further fund drainage and assuring customers that it takes the situation extremely seriously. Bitrue is set to resume withdrawals on April 18th, 2023, following the completion of additional security checks.
In a show of goodwill, Bitrue has vowed to fully compensate all users identified as being affected by the security breach. The company will provide updates on the investigation and the steps taken to reinforce its security measures in the coming days.
In other news, MonkeDAO, a decentralized autonomous organization (DAO) situated in Solana, has declared its intent to acquire the prominent non-fungible token (NFT) collection Solana Monkey Business (SMB). Launched in 2021, MonkeDAO has positioned itself as the premier NFT DAO on the Solana blockchain and is propelled by fervent supporters of SMB, one of the network’s earliest NFT collections.
