A Singapore-based cryptocurrency exchange called Bitrue has been hacked , stealing $4.5 million in digital currency.
More specifically, the hacker managed to steal 9.3 million in Ripple (XRP) coins and 2.5 million Cardano (ADA), worth $4.25 million and $225,000 respectively.
The platform's administrators admitted to the hack in a statement on Twitter and Telegram channel. Once they realized what was happening, they immediately disabled all transactions and put the platform into maintenance mode in order to better investigate the issue.
For now, the Cryptocurrency exchange website is still down, although the company states that it will be fully operational again within the next few hours.
Bitrue promised to compensate victims of the attack
According to administrators, the theft was discovered to be linked to an unauthorized transaction, which siphoned funds from the e-wallet used on the platform for real-time transactions on accounts and transferred them to several other Cryptocurrency exchange platforms.
Bitrue said it is working with Bittrex, ChangeNOW, and Huobi to recover its users' funds from their respective platforms.
“We assure you that the situation is under control and 100% of the lost funds will be returned to users. We have also contacted the relevant authorities in Singapore to help us identify the culprit and recover the stolen funds,” Bitrue said.
Bitrue is among the Top 100 Cryptocurrency exchange platforms, according to CoinMarketCap.
This is the second hack the company has suffered in the past year, as in January Bitrue fell victim to an attack during which the hacker managed to steal over 13,000 Ethereum Classic (ETC) coins worth over $100,000 from the platform’s accounts. However, this attack was thwarted in time.
