Bitrue Exchange Hacked, $4M Lost

Singapore exchange gone offline for maintenance, contacted local enforcement angencies and promised to start trading ASAP
28 June 2019   849

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.

Tether to Add a Half Of Billion Dollars

Acc. to data on the Tether website, the most of the USDT were issued on the ETH chain - $2.22B, another $28M is being prepared for release
11 December 2019   93

According to analysts at Trustnodes, Tether's stablecoin market supply (USDT) recently increased by half a billion dollars and now stands at almost $ 4.7 billion.

According to data on the Tether website, the most USDT stablecoins were issued on the Ethereum blockchain - $ 2.22 billion, another $ 28 million is being prepared for release.

Tether Stablecoins Tables

The stablecoins on the Omni protocol are slightly less - $ 1.75 billion. However, it is interesting that the volume of USDT on the basis of Tron is already approaching $ 1 billion. For comparison, in September the cost of stablecoins on the Tron blockchain was only $ 100 million, on Ethereum - $ 2 billion, and Omni - $ 2.5 billion

EOS-based tokenized dollar is much less popular - $ 5.2 million. Also, insignificant volume of stablecoin based on the euro is about 40 million coins, and the total value of Tether coins based on the renminbi is ¥ 23,533,468 (~ $ 3.3 million).

It is noteworthy that according to the CoinMarketCap service, since September Tether's capitalization has not changed and amounts to only $ 4.12 billion (and not $ 4.67 billion, as indicated on the company's website):

Tether Charts at Coinmarketcap
Tether Charts at Coinmarketcap

This may mean that approximately half a billion USDT have been released to the market in the past few days. 

Whale Alert @twitter
Whale Alert @twitter

As you can see, according to WhaleAlert, literally today, 200 million USDT went to the Binance exchange.