Singaporean's Exchange Bitrue Gets Hacked, $5 million XRP and Cardano Lost

[Baofeng]

https://twitter.com/BitrueOfficial/status/1144066874147131392

It's official, another exchanges has been breached losing $5 million XRP and Cardano (at the time of the hack). Another sad day for crypto enthusiast. Good news is that they assured those who have lost their funds will be covered and returned to the users.

[LeGaulois]

Never heard about it but just another one to the list. What's good is when the platforms decide to cover the losses for their clients. They could say, we got hacked, nothing to be done, the site is closed. The amount is small here but some have been bigger than that. By refunding at least it helps somehow to avoid getting a dirtier image about cryptos. Exchanges are so riches that they can refund millions

[bittraffic]

I am however not believing some hacks ever did happen to all exchange that claimed they were hacked. don't you think this is just for the marketing?

That would be an interesting strategy to make them look reputable like Binance who refunded all those lost.  The competition is a lot harder now with the number of exchange that can rank up better than them. They will want to keep their business to be on top than having not remembered by any bitcoin user.

[examplens]

Never heard about it but just another one to the list. What's good is when the platforms decide to cover the losses for their clients. They could say, we got hacked, nothing to be done, the site is closed. The amount is small here but some have been bigger than that. By refunding at least it helps somehow to avoid getting a dirtier image about cryptos. Exchanges are so riches that they can refund millions

I don't know who can say that is $5 million small amount. As I understand correctly, the hacker first stole from personal funds of 90 users and after that withdraw from the hot wallet. So, some users stay without his money, whatever the amount it's big for each of them.

[stomachgrowls]

I am however not believing some hacks ever did happen to all exchange that claimed they were hacked. don't you think this is just for the marketing?

That would be an interesting strategy to make them look reputable like Binance who refunded all those lost.  The competition is a lot harder now with the number of exchange that can rank up better than them. They will want to keep their business to be on top than having not remembered by any bitcoin user.

I didnt even think about it because it would really just act like a double edge sword.Why? They might gain attention but
due to hack event it would really just mess up their reputation.So theres no point for them to do that.

Exchange hacks is inevitable yet these are honeypots of scammers specially now that the market is rising.

[Kemarit]

I checked coinmarket, and they're listed as number 107 (https://coinmarketcap.com/rankings/exchanges/reported/2). So not that big but I would say a decent exchanges, perhaps it is more local to Singaporeans. But if this is true then this is a huge lost for their account holders. But if they say that they are going to return it back, then good for them, another lessons learned here to really not leave huge amount on an exchange as hackers are on the look-out again and very active as the price of crypto is moving up (although we just had a correction).

[buwaytress]

Amazing to hear such news, for me, mainly because I would never have heard about these exchanges at all if I had never read about their hacks. Still amazing to see that even some small exchange in some small nation has this much lying around waiting to be hacked, and it's not even Bitcoin.

This just keeps proving the truth no one wants to hear about exchanges. That they're treating it with such carelessness it's so easy to hack.

Oh and same assurances. Means nothing until they get their funds back.

[Baofeng]

And here is there latest update regarding the refunds.



https://twitter.com/BitrueOfficial/status/1144435477707014144

I would say kudos to them for a very quick action assuring every account members are going to be refunded because of the said hacks. They're are doing some maintenance, presumably to upgrade their security and deposit/withdrawal will resume on July 3.

[BitHodler]

I would say kudos to them for a very quick action assuring every account members are going to be refunded because of the said hacks. They're are doing some maintenance, presumably to upgrade their security and deposit/withdrawal will resume on July 3.

It's great to hear that for the affected users of course, but I wonder how realistic it is for such an exchange to pay back their users in full. It will take multiple years if they plan to pay back users with their fee income.

I personally (despite the goodwill of the exchange) wouldn't go back to it anymore. Users should accumulate whatever the payouts are and withdraw them immediately to make sure the funds are safe.

Still amazing to see that even some small exchange in some small nation has this much lying around waiting to be hacked, and it's not even Bitcoin.

I wouldn't call an exchange generating ~$50 million in daily volume a small exchange. Bittrex despite it having lost so much popularity still holds like +$2 billion worth of crypto on behalf of its users. I find this way more shocking.

[1Referee]

Exchange hacks is inevitable yet these are honeypots of scammers specially now that the market is rising.

It's easy to combat when you just like Bitmex process withdrawals manually due to there not being any hot wallets. After so many hacks I expected more exchanges to stop working with hot wallets, but it seems that they don't want to stop offering people the convenience of cashing out near instantly, and it will require a little more work in the background.

People want the convenience but blame the exchange for not being secure after a hack. After a hack however people suddenly would wish the exchange didn't work with hot wallets if they had the chance to go back in time.