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Security Breach: Bitrue Crypto Exchange Loses $23M

$23 Million in Crypto Assets Stolen in Singapore Exchange Breach.

Bitrue, a Singapore-based cryptocurrency exchange, reported a major security breach earlier this week. In light of the attack, the exchange has reassured customers that only approximately $5.4 million of the targeted digital assets were stolen in the breach. All impacted users will be compensated by the exchange.

The attack occurred when hackers used a number of compromised accounts to withdraw nearly 9.3 million Ripple (XRP) tokens, 2.5 million Cardano (ADA) tokens, and 225 Ethereum (ETH) tokens. Bitrue has disabled the affected accounts and is re-securing the user data on the platform.

Bitrue officials have warned users to take preventive measures while accessing the platform and have suggested the use of two-factor authentication and other security measures. The exchange is also in contact with law enforcement to investigate this incident.

The cryptocurrency market has long been a target of malicious actors, and incidents such as these reinforce the need for added security protocols when dealing with these assets. As such incidents become more frequent, exchanges need to stay vigilant and ensure that their networks remain secure.

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