Bitrue Public Statement

Yesterday, on July 26, 2019, it became public knowledge that Singapore-based crypto exchange Bitrue has suffered a hack, resulting in the loss of more than 9.3 million XRP and 2.5 million ADA from the exchange’s hot wallet. Later, the hackers tried to move the stolen funds to a number of exchanges and exchange services, including ChangeNOW. The full writeup of the hack and its aftermath is provided by Bitrue Twitter account.

Official Statement Regarding The Hacking of Bitrue On June 27 2019

— Bitrue (@BitrueOfficial) June 27, 2019

Right after the hack, we received the information from Bitrue and other sources. After establishing the malicious addresses, we took precautions and blacklisted all of the addresses that were connected with the hack. The funds that had been attempted to be transferred through us were frozen.

The attack was soon detected, and activity was temporarily suspended on Bitrue. We alerted the receiving exchanges about the situation, and wish to extend our thanks to @HuobiGlobal, @BittrexExchange and @ChangeNOW_io for their help in freezing the affected funds and accounts.

— Bitrue (@BitrueOfficial) June 27, 2019

Thanks to our improved risk management and quick reaction, we have managed to stop all of the known malicious XRP exchanges that the hackers tried to make. The total sum of the frozen funds amounts to $320,000. It is only natural that we are returning them to Bitrue. 

True to our word, we have improved our risk management system after previous hacks. We are becoming better and we are happy to prove it by helping out a fellow platform. 

Right now, all exchange deposits that we have retained are frozen and stored on a secure cold wallet. We are negotiating with Bitrue representatives to find the best solution for handling this situation.

Stay safe!

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