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Bitrue Hacked | Another Crypto Exchange is Breached with 4.2M Stolen

According to reports, Singapore-based crypto exchange Bitrue has been hacked. The culprits have made off with approximately $4.2 million in user assets.

What’s going on? Here’s what we know so far.

Bitrue Hacked

The hack was announced earlier today via Twitter, with the company saying it first noticed the issue around 1 am local time Thursday.

Those who have had funds stolen are to be reimbursed as tokens on the exchange are insured. Details have emerged about what was taken; according to Bitrue, the loot includes 9.3 million Ripple (XRP) valuing $4.01 million at present, and 2.5 million Cardano (ADA) worth $231,800 at current prices.

Bitrue tweeted:

“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.”

The exchange detailed further how the breach occurred:

“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.”

Currently, Bitrue has frozen funds and any accounts that are associated with the hack. It is conducting an emergency investigation into its system and will be up and running “as soon as possible.”

Cryptocurrency Hacks in 2019

The news is likely to stir investors who are all too aware of the dangers with cryptocurrency and hacks on exchanges. According to CoinTelegraph, so far in 2019, there have been seven large-scale crypto exchange hackings resulting in the loss of millions of dollars.

>> Bitcoin (BTC) Price Continues to Shine: Hits $13K Mark

Recently, on June 6, UK- and Slovenia-based crypto exchange GateHub was a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen. In this instance, an unidentified hacker used a “sophisticated method to gain access to a database holding users’ access tokens and steal their funds.”

Only one month prior, major exchange Binance faced its second major hacking. This time the hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time. The first major breach the exchange faced came in March 2018.

Hacking is a notorious issue in the crypto-space, with hacks claiming $1.7 billion USD in 2018 alone.

Featured Image: DepositPhotos © aetb

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Crypto Exchange Holds 2% of XRP Market in Only Four Months

Singapore-based exchange Bitrue has been active for only four months and already handles over 2% of the world’s XRP transactions.

The company’s mantra of “putting customers first from day one” may be the key to its success. But how does that translate in practice? The platform boasts enhanced security, an easy user interface and a reliable customer support team.

Bitrue Crypto Exchange

The project describes itself as a “community” rather than just an exchange but is that just good marketing?

Maybe not. Not only a secure platform, it offers asset management and investment tools also. The aim is to be a “one stop shop” for investors.

According to Bitrue CEO Curis Wang: “Bitrue is committed to list only legitimate and promising tokens on our platform.” 

And it has a team of technical and compliance experts ready to vet coins and tokens before they are listed on the platform. It is constantly adding trading pairs, so it’s a necessity to ensure security and legitimacy.

The platform charges no listing fee, aiming to build “the most professional and clean” investment environment.

>> Bitcoin Price Tumbles Further: New Low for the Coin

But How Did It Excel With XRP?

For starters, the company has 16 XRP trading pairs. It has surpassed exchanges Poloniex and Bittrex when it comes to daily XRP trading volume. This equals 2% of total transactions and is an impressive feat for an exchange that is so new. The exchange market is notoriously competitive and challenging, and regulations don’t make it any easier.

But Bitrue has also actively sought to build XRP liquidity with its team, motivated by their “strong belief and respect” for the cryptocurrency. At the time of writing, Ripple (XRP) is selling for over $300 per coin and is up over 4% on the day. XRP is now the second largest coin by market cap after surpassing Ethereum back in September this year.

Though registered in Singapore, Bitrue is aiming for global reach. The company has plans to open offices around the world including in the United States, Japan, Taiwan, and Europe.

Featured Image: Depositphotos/© BiancoBlue

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