Singaporean based crypto exchange, Bitrue has officially announced its hack incident wherein it has lost approximately $4.3 Million in XRP and Cardano (ADA).
On June 27, 2019, Bitrue exchange details that the hacker attempted transfer of 9.3 million XRP and 2.5 million ADA to different exchanges by accessing their hot wallet. The announcement first confirmed by its Twitter account and users were assured that their funds are now safe.
The 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.
Official Statement Regarding The Hacking of Bitrue On June 27 2019
— Bitrue (@BitrueOfficial) June 27, 2019
XRP and ADA Experienced Declining Value
It is worth to note that Bitrue exchange often times appear with XRP’s listing announcement – following the hacking incident, XRP has lost over 10 percent within 24 hours. In fact, it was trading at over $0.48 against USD and at the press time declined to $0.42 – moreover, it’s market cap also counts at $18,249,330,877.
At the same time, Cardano (ADA) which currently stands at the 10th largest spot on the graph of Coinmarketcap – lost over 7 percent within past hours. It is currently valued at $0.091246 against USD with market cap $2,365,741,708.
According to the details provided by Bitrue exchange, hackers attempted to access funds of about 90 Bitrue users and then they access to exchange’s hot wallet – following which, hackers moved 9.3 million XRP and 2.5 million ADA to different exchange including Huobi, Bittrex and Change Now. Accordingly, Bitrue identified the receiving exchange quickly and were able to freeze the affected funds and accounts.
As for now, the funds are safe and Bitrue exchange is offline. The exchange states that they’re undergoing emergency inspection of the exchange and withdrawals will be offline. Moreover, it adds that they’re in contact with Singaporean authorities to help them with tracking ‘the culprit and retrieving the stolen funds’.
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.
So readers, what do you think about the declining price of the cryptocurrencies.? Do you think Bitrue’s hack incident affects the price of cryptocurrencies, specifically XRP and ADA.? Let us know in the comment below
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com