Bitrue Exchange Hack - April 14, 2023
Overview
Hackers drained $23 million from a wallet belonging to Singapore-based crypto exchange Bitrue on April 14, 2023.
Details of the Attack
The exploit occurred in one of Bitrue's hot wallets on April 14, 2023 at 07:18 UTC, though the team was able to address the matter quickly and prevented further exploitation of funds. The attackers were able to withdraw assets worth approximately $23 million in ETH, QNT, GALA, SHIB, HOT and MATIC.
Bitrue did not specify how the attack took place.
Response and Containment
The affected wallet contained less than 5% of overall reserves and the remaining wallet was not compromised. The exchange temporarily suspended all withdrawals and expected to reopen withdrawals on April 18. All identified users who were affected by this incident were compensated in full.
Context
Founded in Singapore in 2018, Bitrue is a major centralized cryptocurrency exchange, trading nearly $2 billion in crypto per day on average. The company had previously been hacked, losing nearly $5 million in Cardano (ADA) due to a hot wallet hack in 2019.
Aftermath
In subsequent reporting, the wallet from the 2023 Bitrue hack later became active again and laundered funds via Tornado Cash.
Sources