Bitrue exchange hacked for $23 million

[Rikafip]

Another day another exchange hacked and this time its Bitrue, Singapore based exchange during which attackers took $23 million in ETH, QNT, GALA, SHIB, HOT and MATIC. Its just another proof that people shouldnt use exchanges as banks but of course this incident wont make anyone move their funds out of the exchange.


Twitter thread with more info https://twitter.com/BitrueOfficial/status/1646811220543168512?cxt=HHwWgIDTyY6F09otAAAA

[IIrik11]

85 percent of all thefts and frauds are usually inside jobs.

with digital currency it becomes even easier..

because it is much harder to trace how exactly it happened.

and as long as there are 'super-intelligent' people in this world,

who keep their funds in their 'safe' exchange wallets..

this will keep happening.

[salad daging]

Very sad to hear the news of the exchange getting hacked again because it implies the exchange is not safe and still never put money on an exchange of course the risk will be to see something like this when something bad happens in the name of their hot wallet getting hacked.

After searching for news on Twitter hackers dumped QNT tokens consecutively on Uniswap I saw it here: https://etherscan.io/address/0x1819ede3b8411ebc613f3603813bf42ae09ba5a5#tokentxns

[Solosanz]

85 percent of all thefts and frauds are usually inside jobs.

with digital currency it becomes even easier..

because it is much harder to trace how exactly it happened.

and as long as there are 'super-intelligent' people in this world,

who keep their funds in their 'safe' exchange wallets..

this will keep happening.

It's not as simple as that, the hacker should be leave his IP address and if he send it to his non custodial wallet, it's not safe because these token is centralized. So the token which moved by the hacker is already flagged with a warning of stolen funds and don't forget the CEO can freeze his centralized token even it's on non custodial wallet. But there's a way to cashout it without being traced.

I'd say it's just your own assumptions for saying most of frauds are because of inside jobs.

[JeromeTash]

Isn't it the second time this exchange has been hacked?

Well, I remember a certain incident in 2019 - Singaporean's Exchange Bitrue Gets Hacked, $5 million XRP and Cardano Lost

They also have a few scam accusations here and there. I can't rule out an insider job

• Bitrue.com exchange is a scam
• Scammed by Bitrue on 100,000$ (Scam 1,78 BTC)
• Warning With Bitrue Exchange

They will also freeze your account if you engage in arbitrage trading. I mean, what is trading crypto without arbitrage trading? 

[eaLiTy]

85 percent of all thefts and frauds are usually inside jobs.
with digital currency it becomes even easier..
because it is much harder to trace how exactly it happened.

Majority of the hacks are due to the inadequate measures taken by the exchange and are inside jobs but the fact remains that every transaction can be traced and anyone who thought that they could get away with any major hack cannot simply disappear with the loot even if they use mixers, a detailed study could identify the people behind the hack.

For reference, the Bitfinex hack where 119,754 BTCitcoin was hacked and once the coins started moving the investigators were able to track them and catch the real culprit. So the idea of, it is hard to track is a farce as this is the easiest to track than the banking system.

[yhiaali3]

More exchange hacks, it's really unfortunate, yes people are still putting their money into centralized exchanges, but are decentralized exchanges safe?

A few days ago, the decentralized exchange SushiSwab was hacked by exploiting an approval-related bug in the RouterProcessor2 contract. Hackers managed to steal $3.3 million through this bug from users who made aproval.
https://www.theblock.co/post/225473/sushiswap-hack

If centralized and decentralized exchanges are not safe, only wallet is safe to store crypto assets.

[joniboini]

I used them in the past, and leave immediately after doing one or two trades. Would probably never touch them if one of my shitcoins can be liquidated somewhere else due to the low performance I've experienced that time. Can't say I'm surprised if they got exploited, whether it was an inside job or not. They have this third-tier exchange aura which is hard to explain to new users.

More exchange hacks, it's really unfortunate, yes people are still putting their money into centralized exchanges, but are decentralized exchanges safe?

At the very least, you have the option to revoke contracts/permission from a dex as soon as possible or use a dedicated wallet for trading so your holding is not affected if an exploit happens. With centralized exchange, you give more data, with a possibility of lower security control, although you get better liquidity in most cases. Can't say it is a good trade-off if you don't need that liquidity though. But yeah, using an air-gapped wallet is obviously the best choice if you don't want to expose your holdings to security risks. CMIIW.

[stompix]

Hihihi, this one aged like milk:

Another thing, I don't know how accurate that list is and if it really counts them all but it seems like CEX hacks have started to go down lately, this is the first of the year and last year only two hacks?

There I was, amazed and also happy that those hacks and "hacks" have been going down lately and there we have it two in about a week.

For reference, the Bitfinex hack where 119,754 BTCitcoin was hacked and once the coins started moving the investigators were able to track them and catch the real culprit. So the idea of, it is hard to track is a farce as this is the easiest to track than the banking system.

The hack happened in 2016, and the culprits were caught 6 years later!
Besides, what gave them away was actually the normal banking system as they got caught by trying to withdraw cash through multiple LLCs and the fact that they managed to shut down AlphaBay, if the hackers would have simply gone through no KYC / P2P small deals in small sums after prior mixing their coins they would have never been caught!
The DOJ would have had no case if it weren't for Alpha Bya and those morons getting denied time after time verifications on exchanges for their shell companies, and also, of course, the Walmart $500 gift card!

[rat03gopoh]

because it is much harder to trace how exactly it happened.

It's easy once a hack has occurred, what's difficult is preventing it. And some hacks also thanks to some “insider” dirty work or scenario (usually characterized by hacking several hot wallets at once), vulnerabilities can be intentionally exploited by themselves then manipulate their tracks.

and as long as there are 'super-intelligent' people in this world,

who keep their funds in their 'safe' exchange wallets..

this will keep happening.

People can't always work with noncustodial wallets, so those "super intelligent" people have their reasons with that too.

[IIrik11]

People can't always work with noncustodial wallets, so those "super intelligent" people have their reasons with that too.

good for them. 👍

let's hope they can find the next safe exchange to work with soon enough.

[ImThour]

I never understand why people use exchanges with such a worst rating. Bitrue wasn't even a Top 20 exchange according to CoinMarketCap: https://coinmarketcap.com/rankings/exchanges/
It's at #22 as of this post and I am sure this hack will take it to below #30 in a day or so.

I use Binance and KuCoin for all my future positions and use DEX for trading. I would love to get the whole DEX process more streamlined and simpler as that way we can bring DeFi to everyone.
If I am not wrong, Uniswap doesn't even have its own mobile application nor does any other major DEX. They are missing a lot here to be honest.

As many users already mentioned, it's always an insider job and it's literally impossible for any outsider or external party to make this huge impact on an organization.
yhiaali3 mentioned how SushiSwap was also exploited with $3.3 million making none of them safer for an average crypto Joe.

Prefer using Top exchanges with billions of fund and that way, you aren't the only one losing your money

[Darker45]

I never understand why people use exchanges with such a worst rating. Bitrue wasn't even a Top 20 exchange according to CoinMarketCap: https://coinmarketcap.com/rankings/exchanges/
It's at #22 as of this post and I am sure this hack will take it to below #30 in a day or so.

Surprise! Surprise! I'm not saying that Coinmarketcap's exchange ranking is to be trusted, but 5 days after the hack, not only has Bitrue avoided falling below rank 30, it has even ranked up actually. As of this posting, Bitrue is already at rank 21.

Again, I'm not saying Coinmarketcap is worth trusting, but even exchanges like YoBit, HitBTC, and others which are not among the top 50 in the site's ranking and whose reputation is certainly questionable, still maintains tens, even hundreds, of millions in daily volume.

[Rikafip]

I never understand why people use exchanges with such a worst rating. Bitrue wasn't even a Top 20 exchange according to CoinMarketCap: https://coinmarketcap.com/rankings/exchanges/
It's at #22 as of this post and I am sure this hack will take it to below #30 in a day or so.

People are often using them because certain shitcoins they want to trade are only listed on those type of exchanges so they really have no option. And imho, Coingecko rating is more realistic than CMC where Bitrue is currently at 42nd place.

As many users already mentioned, it's always an insider job and it's literally impossible for any outsider or external party to make this huge impact on an organization.

I woulnd't say that its always the case of an inside job. Its just that attackers can be pretty innovative when it comes to the way they exploit the vulnerabilities.

Prefer using Top exchanges with billions of fund and that way, you aren't the only one losing your money

I don't think those who lost money in FTX found much comfort by knowing that many others lost money too. Well, at least I woulnd't. As long as people use exchange for their intended purpose and not to store coins, chances of them getting seriously rekt and losing big chunk of portfolio are not too big.

[joniboini]

let's hope they can find the next safe exchange to work with soon enough.

If they have accessible options that fit their needs, I believe most of them would never touch centralized exchange. So decentralized options need to get better too. At the end of the day though, they accept the risk, and as long as they understand that, unless something crazy happened I doubt we can change their mind easily. What we can only do is spread awareness and encourage them not to store their money on some centralized platforms. It is unfortunate but most people only learn the hard way.

If I am not wrong, Uniswap doesn't even have its own mobile application nor does any other major DEX. They are missing a lot here to be honest.

A lot of mobile wallets provide Uniswap integration though. So yeah, they have little incentive to provide a native app since they make a ton of money just from running the website. In addition to this, creating a new app will probably add another weak point since hackers can spread fake apps. They probably don't want to deal with it too. That being said, I doubt people will switch to dex asap even if they have a mobile app.

[taufik123]

Prefer using Top exchanges with billions of fund and that way, you aren't the only one losing your money

I don't think those who lost money in FTX found much comfort by knowing that many others lost money too. Well, at least I woulnd't. As long as people use exchange for their intended purpose and not to store coins, chances of them getting seriously rekt and losing big chunk of portfolio are not too big.

The convenience will eventually become hell for everyone. FTX users to date do not even believe in the FTX drama anymore.
Since January FTX managed to recover its assets and return $800 Billion in user funds.

https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/

But will it bring back its name? Of course not and will be abandoned.

Just like what happened to Bitrue and the hack has happened 2x.
This will further lower its position and will lose many customers despite full compensation.

Even the top scalable exchanges are not used for the purpose of storing coins in the long run. it will be at risk of rekt like FTX.
The safest is a private Wallet that has full control.

let's hope they can find the next safe exchange to work with soon enough.

-snip-
What we can only do is spread awareness and encourage them not to store their money on some centralized platforms. It is unfortunate but most people only learn the hard way.
-snip-

Spreading awareness about the dangers of centralized exchanges is a bit more difficult for reasons such as CEX's promises that they have money to spare for hacks and guarantee everything.
At the end of the day, even the top exchanges are helpless if they only rely on promises instead of ever-improving security.

Some people may have switched to DEX and gotten used to it, but the majority still use CEX for the reason that it's more convenient, constantly updated, and says that no hacks will happen because of the improved security system.

[logfiles]

I never understand why people use exchanges with such a worst rating. Bitrue wasn't even a Top 20 exchange according to CoinMarketCap: https://coinmarketcap.com/rankings/exchanges/

Looking for shitcoins to trade, perhaps?

Most shitcoins find their way to those low tier exchanges faster than they would on reputable exchanges

I would love to get the whole DEX process more streamlined and simpler as that way we can bring DeFi to everyone.
If I am not wrong, Uniswap doesn't even have its own mobile application nor does any other major DEX. They are missing a lot here to be honest.

The problem with the likes of Uniswap or pancake swap is that they also have lots of scam and fake tokens traded there. Any small mistake by a noob and the money is gone

I think the reason we are not seeing apps for such platforms is probably the challenge of connected a wallet to the app. For example, how will one connect a Metamask wallet to a uniswap app in the same mobile device?

Prefer using Top exchanges with billions of fund and that way, you aren't the only one losing your money

Former FTX users say hi 

[tabas]

It seems that those altcoins that has been mentioned are into their powerpiggy or staking feature. I guess most of those funds that have been taken from them are part of that piggy bank of theirs and their users have deposited it for that purpose and that's to earn interest.
I guess this is one of the reasons why people are still keeping their money on exchanges and that's with their interest-offered features that are too enticing for them. Having that little interest and confidence gives them head of a big risk if they won't pull them off from them or in any exchange.