Singapore-based cryptocurrency exchange Bitrue fell victim to a security breach, which resulted in losses of digital assets worth approximately $23 million. The incident took place on April 14, 2023, and has left the crypto community with concerns and questions about the security measures employed by the exchange.

The security exploit was initially discovered at 07:18 (UTC) on April 14, 2023. The exchange was quick to identify and address the vulnerability, which prevented further unauthorized access and loss of funds. Although before then, the hackers had already managed to make withdrawals of digital assets worth approximately $23 million, including Ether (ETH), Gala (GALA), Polygon (MATIC), Shiba Inu (SHIB), Quant (QNT), and Holo (HOT).

It was revealed by the crypto exchange that the compromised wallet owned assets less than 5% of its overall reserves. The remaining wallets on the exchange were not affected by the breach.
Due to the unfortunate incident, Bitrue was quick to suspend all withdrawals on the exchange as a countermeasure and plans to open up the withdrawal services on April 18.

Aftermath the security breach, an internal investigation was launched by Bitrue to help determine the extent of the damage and also identify the loopholes exploited by the attackers. The exchange promised full compensation to all users affected by the incident.
To maintain accountability and display transparency, Bitrue released an official statement that emphasized the commitment of the company to maintaining a secure and trustworthy trading environment for its users.

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