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Bitrue Hack Raises Questions About Security

Published 04/14/2023, 03:30 PM
Bitrue Hack Raises Questions About Security

  • Hackers drained Bitrue’s wallet for $23 million.

  • Bitrue has two insurance wallets, with assets just under $23 million.

  • It is not clear whether this was the only Bitrue’s hot wallet.
Hacks are proving to be stunningly common in the crypto industry. The latest hack of a centralized exchange raises questions about its security and risk management practices.

Crypto exchange Bitrue reported a security breach in one of its hot wallets on Friday. The attackers were able to withdraw around $23 million worth of ETH, QNT, GALA, SHIB, HOT, and MATIC.

Bitrue claims that the affected held less than 5% of Bitrue's overall funds, and that the rest of the wallets remain secure. They also promised to provide transparency throughout the process.

This is likely little consolation to depositors who...

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