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.

Similar Topics

April 19, 2023

Asia's Gaming Industry: Harnessing the Potential of Web3DappRadar has just released a report on the mind-blowing gains made by the Asian gaming industry. You won't believe the markets, revenue, and growth potential in the world of Web3 capabilities that they're tapping into. Did you know that Asia currently dominates NFT gaming, accounting for 65% of it, and 34% of the total NFT market value? That's not all - Asia also has the highest number of players and gaming wallets, making it the leader in gaming crypto collectibles and crypto gaming platforms. Apple's App Store is also raving about Asia's gamers, who were their most valuable customers last year, accounting for 40% of global spending. With NFTs and decentralized gaming on the rise, Asia is sure to profit even more. So don't miss out on the exciting revenue, customer, and gaming possibilities coming out of the Asia Pacific region.

April 19, 2023

A.I. and blockchain technology are forming an exciting unionA.I. and blockchain are forming a third-tier in tech, offering limitless potential. Web3 integrates A.I. to build powerful apps with smart contracts and scalable systems. Decentralized networks provide secure foundations for new use cases, such as fraud detection and supply chain tracking. The A.I.-blockchain union is promising, creating breakthroughs in healthcare and fintech, and sharing A.I. data securely to accelerate development of machine learning models.

April 19, 2023

What Happens To Your NFTs After You Die? Here's The Answer!As the digital asset sector expands, experts are discussing the implications of what happens to NFTs when you die. The lack of legal guidelines creates challenges for investors. Smart contracts and wills can ensure assets are passed on as intended. It's crucial to have a clear strategy to protect your NFTs after death with the help of legal advisors. Learn more about estate planning for digital collectibles like NFTs to safeguard their value and avoid legal issues.