On April 14, the Bitrue cryptocurrency exchange reported a hot wallet exploit that allowed hackers to withdraw various crypto assets worth almost $23 million.
Furthermore, the affected currencies on the exploited hot wallet included Ether, Shiba Inu, Quant (QNT), Gala, Holo (HOT), and Polygon.
Moreover, the affected hot wallet counted for less than 5% of the exchange’s total funds, while the remaining wallets were secure and unaffected.
2/4: The attackers were able to withdraw assets worth approximately 23M USD in ETH, QNT, GALA, SHIB, HOT and MATIC. The affected hot wallet only holds less than 5% of our overall funds. The rest of our wallets remain secure and have not been compromised.
— Bitrue (@BitrueOfficial) April 14, 2023
However, the exchange had to temporarily suspend all withdrawals due to the brief exploit of its hot wallet. In addition, Bitrue was able to address the matter quickly, preventing the further draining of funds.
Bitrue said in the announcement post:
The rest of our wallets continue to remain secure and have not been compromised. We are conducting a thorough security review and will update you as we make progress.
Bitrue’s Efforts to Prevent Future Attacks
Bitrue is conducting a thorough security review and will update its users as it progresses. After conducting additional security checks, the company expects to reopen withdrawals on April 18, 2023.
Nevertheless, Bitrue has informed its users that their assets are secure and that the firm is taking precautions to avoid further breaches.
Bitrue can prevent future assaults by ramping up its security protocols. This is particularly essential considering that hackers’ assaults are becoming smarter and more effective.
As the popularity of cryptocurrency exchanges rises, they become a target for hackers trying to earn quick money. Bitrue can also avoid future assaults by instructing its customers about the benefits of protecting their accounts.
Many users are unaware of the necessity of account security, leaving them exposed to assaults. Bitrue should educate its users about the necessity of secure passwords, two-factor authentication, and avoiding phishing emails.
This underlines the significance of exchanges avoiding assaults and protecting their users’ funds. Bitrue’s immediate reaction to the hot wallet vulnerabilities, as well as its measures to avoid future attacks, are noteworthy.
Cryptocurrencies user should secure their accounts and remain up to date on the newest security threats. While cryptocurrency has the possibility of revolutionizing finance, it also has risks that must be addressed.