Singapore-based cryptocurrency exchange Bitrue suffered a hack last week that saw $23 million worth in digital assets stolen from its hot wallet.
The attack was spotted on April 14, 2023, when the company identified a “brief exploit” in one of its hot wallets. The breach led to the theft of around $23 million in various cryptocurrencies, including Ether and Shiba Inu.
In a statement Bitrue said that it addressed the issue quickly and prevented the further exploit of funds. The company also said that the affected hot wallet only contained less than 5% of its overall reserves, and that the rest of its wallets “continue to remain secure and have not been compromised.”
To conduct additional security checks, Bitrue temporarily suspended all withdrawals and promised to compensate affected users fully.
In related news, decentralized finance protocol Yearn Finance lost more than $11 million worth of stablecoins due to a hack. As blockchain security firm PeckShield explained, the attacker took advantage of Yearn Finance’s misconfigured stablecoin yUSDT to mint over 1.2 quadrillion yUSDT using a $10,000 initial deposit, which was then used to trick the Yearn Finance protocol to eventually cash out millions in stablecoins.
Earlier this month, another Asian crypto exchange, GDAC, was hit with a cyberattack, which resulted in the theft of nearly $14 million in various cryptocurrencies - approximately 23% of the platform’s total assets, including Bitcoin, Ethereum, USDT and WEMIX tokens.
