BitRue cyberattack leads to $23M theft

Singapore-based cryptocurrency exchange Bitrue had one of its hot digital wallets compromised by an unnamed attacker, resulting in the theft of $23 million in cryptocurrency, including Ethereum, Shiba Inu, GALA, Polygon, Quant, and Holo, reports The Record, a news site by cybersecurity firm Recorded Future. "Please note that the affected hot wallet only contained less than 5% of Bitrues overall funds. The rest of our wallets continue to remain secure and have not been compromised. We are conducting a thorough security review and will update you as we make progress," said Bitrue, which has halted all withdrawals amid ongoing security checks. Bitrue users impacted by the crypto hack will be fully compensated. However, some of the stolen cryptocurrency assets have already been converted to Ethereum, according to blockchain security company PeckShield. The incident follows just days after the theft of $11 million from decentralized finance platform Yearn Finance and comes nearly four years after Bitrue lost almost $5 million from a theft involving the exploitation of a platform vulnerability.