XRP and ADA down 7% and 6% respectively following $4.2 million Bitrue hack

27 Jun, 2019 | Updated: 27 Jun, 2019
by Manshi Soneji Mamtora
Price Action
XRP and ADA down 7% and 6% respectively following $4.2 million Bitrue hack

A total of 9.3 million Ripple and 2.5 million Cardano coins were stolen and moved to other exchanges. Hackers stole close to $4.2 million from Bitrue Exchange resulting in a drawdown in XRP and ADA price of 7% and 6% respectively.

The exchange confirmed the news on their twitter account.

The administration was quick at detecting the hack and pulled down all trading activities, shifting to maintenance mode while they investigated the case. 

Reimbursement assured

Administrators tracked down the theft and also linked an unauthorized account that exfiltrated funds from the exchange hot wallet. It is currently working with other platforms like Bittrex, ChangeNOW, and Huobi for funds recovery.

Bitrue says, "Please let us assure you that this situation is under control, 100% of lost funds will be returned to users. We have also contacted the relevant authorities in Singapore to assist us in tracking down the culprit and retrieving the stolen funds''

2019 and hacks

This event marks second on Bitrue exchange. In January, an attacker exfiltrated over 13,000 ETC coins worth over $100,000 from the accounts. The act was however thwarted. Almost seven crypto exchanges have been subject to attacks this year, topping the chart is the $40 million attack on Binance.

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