- Hackers drained Bitrue’s wallet for $23 million.
- Bitrue has two insurance wallets, with assets just under $23 million.
- It is not clear whether this was the only Bitrue’s hot wallet.
Hacks are proving to be stunningly common in the crypto industry. The latest hack of a centralized exchange raises questions about its security and risk management practices.
Crypto exchange Bitrue reported a security breach in one of its hot wallets on Friday. The attackers were able to withdraw around $23 million worth of ETH, QNT, GALA, SHIB, HOT, and MATIC.
Bitrue claims that the affected held less than 5% of Bitrue’s overall funds, and that the rest of the wallets remain secure. They also promised to provide transparency throughout the process.
This is likely little consolation to depositors who were left unable to withdraw their funds. In its announcement, the exchange said it would pause withdrawals…
