Bitrue Exchange Hacked, $4M Lost

Singapore exchange gone offline for maintenance, contacted local enforcement angencies and promised to start trading ASAP
28 June 2019   980

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.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   234

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.