Bitrue Exchange Hacked, $4M Lost

Singapore exchange gone offline for maintenance, contacted local enforcement angencies and promised to start trading ASAP
28 June 2019   724

Singapore's crypto exchange Bitrue reported a hacker attack. Cardana (ADA) and the XRP tokens were stolen.

At approximately 1am June 27 (GMT+8), a hacker exploited a vulnerability in our Risk Control team's 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.

Bitrue Exchange

According to representatives of the trading platform, on the night of June 27, the hacker took advantage of a vulnerability in the risk control system of the platform, gaining access to accounts of about 90 Bitrue users. Thanks to this, the hacker managed to withdraw 9.3 million XRP (almost $ 4 million) and 2.5 million ADA coins (about $ 230 thousand at the current exchange rate) to various exchanges.

Dear Bitrue Users,

First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.

Bitrue Exchange

In addition, Bitrue stressed that the attack was soon identified and neutralized. The exchange also thanked Huobi Global, Bittrex and ChangeNow platforms for freezing assets related to malicious actions.

The attack was soon detected, and activity was temporarily suspended on Bitrue. We alerted the receiving exchanges about the situation, and wish to extend our thanks to HuobiGlobal, Bittrex Exchange and ChangeNOW for their help in freezing the affected funds and accounts.

Bitrue Exchange

In connection with the current situation, the exchange began maintenance and investigation of the incident, having gone offline.

Please note that at the time, due to uncertainty about the current situation, we stated that the exchange was going down for some unplanned maintenance. We apologize for this miscommunication with our users.

Bitrue Exchange

In addition, the exchange said that it had already contacted local law enforcement agencies for help and promised to resume trading operations soon.

Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality. Withdrawals will be offline for a slightly longer period while we continue investigating the situation. We have also contacted the relevant authorities in Singapore to assist us in tracking down the culprit and retrieving the stolen funds. We will update everyone when we have more news to share.

Bitrue Exchange

Bitrue is at the 78th place in terms of trading volume.

Nasdaq to Launch Index, Based on 100 Crypto Assets

Neural network, considering 200 different factors, helped to create the list of the assets tracked by the CIX100 index
16 October 2019   112

Nasdaq, the world's second largest stock exchange, has added the CIX100 index based on 100 crypto assets, reports CoinTelegraph.

When building a basket of hundreds of leading digital assets, the tool from uses neural network algorithms that take into account more than 200 different factors. Such a comprehensive analysis allows, in particular, to exclude coins with fake volumes.

It is also known that the index draws data on transactions on the nine largest bitcoin exchanges, and also analyzes information from social networks and the media. Only those coins that last in the top 200 for at least three months can become components of the CIX100. The composition of the index will be reviewed monthly.

According to the developers, the index will be useful for both newcomers to the industry and professionals.