Bitrue, the cryptocurrency exchange based in Singapore suffers a recent attack from hackers as they made it away with nearly 4.2 million dollars worth of cryptocoins in XRP and ADA form.
The hacking incident occurred at around 1 am GMT+8 earlier on June 27th. During the incident, the hackers were able to make use of the vulnerability inside the Risk Control team’s 2nd review process of the company that allowed these hackers to have access to the personal funds of nearly 90 Bitrue users.
In total, during this hacking crime, hackers were able to get away with nearly 9.3 million XRP and 2.5 of the ADA crypto coins as they moved them to mother exchanges. According to Bitrue, they discovered the attack timely and controlled the situation. The company also states that they are fully willing to return the affected users with 100 percent of their lost funds along with making a review of their security measures and their policies to prevent any such further incidents.
As of now, Bitrue is also performing an emergency inspection of its exchange and is hoping to bring back the logins as well as the trading functionality. However, the company said that they will not be able to facilitate the withdrawal for a slightly longer period.
Such security incidents are now not such an uncommon occurrence as last month one of the largest exchanges for cryptocurrencies by the named Biannace was also hacked where the hackers stole nearly 40 million dollars worth of crypto coins.
This recent attack has come in the time where Bitcoin and other cryptocurrencies have seen double capping of their market values in the past 3 months. The total market cap for cryptocurrencies now stands at about 345 billion dollars.
Still, after seeing such a massive increase in its price, Bitcoin suffered a major drop in its price of as much as 1500 dollars within a few hours.
As of now the price of Bitcoin is $10910.80 due to its recent declines. As for currencies like XRP and ADA, they also suffered a decline in their prices by almost 9.6 and 7.68 percent respectively.