The exploiter has been dumping millions worth of all the assets drained from the Bitrue wallet.
Bitrue, a prominent Singapore-based exchange, has suffered a hack, resulting in the loss of approximately $22 million worth of assets. This includes 172.55 billion Shiba Inu (SHIB) tokens, valued at $1.9 million. Over the last ten hours, the perpetrator has been actively dumping the siphoned assets.
Vooidds, an anonymous Twitter user, first called attention to the development today following an on-chain investigation. An unknown wallet received $22 million worth of six different assets from a Bitrue hot wallet on April 10. These assets include 172.5 billion SHIB, 320 Ethereum, 173,000 QNT, 46.4 million GALA, 765.15 million HOT, and 310K MATIC.
Appears Bitrue's wallet sent 320ETH to an unknown wallet, which swapped it for various amounts of $QNT, $SHIB, $GALA, $HOLO, and $MATIC, and is now dumping their tokens. I would stay away from these tokens for now.
— vooidds (@vooidds) April 14, 2023
The unknown wallet then transferred all these assets to the address identified as the Bitrue Drainer earlier today, including the 172.55 billion SHIB tokens. Blockchain security firm PeckShield highlighted this trend. The Bitrue Drainer wallet proceeded to dump most of the assets successively.
#PeckShieldAlert $QNT has dropped -11% within 3 hours
Bitrue Drainer-labeled address swapped 173K $QNT, 22.55B $SHIB, 46.4M $GALA and 310K $MATIC for ~8,540 $ETH
Bitrue Drainer received ~$22M worth of cryptos (~320 $ETH, 173K $QNT, 172.55B $SHIB, 46.4M $GALA, 756.15M $HOT and… pic.twitter.com/BLTCL5Kvz8
— PeckShieldAlert (@PeckShieldAlert) April 14, 2023
The exploiter dumped 22.55 billion SHIB worth $254K+ in six unequal transactions, with the latest transaction involving 2 billion SHIB at 02:34 today (UTC). All transactions were carried out on Uniswap V2 and V3. Following the selloffs, the Bitrue Drainer address now holds 150 billion SHIB worth $1.69 million. Shiba Inu accounts for its single largest holding as of press time, except ETH.
Bitrue Issues a Statement
Bitrue responded with an official statement shortly after the security breach was made public, acknowledging the hack. The exchange clarified that the exploit targeted one of its hot wallets. Still, it emphasized that this wallet accounted for less than 5% of its total assets and that its other wallets remain unaffected.
1/4: We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM
— Bitrue (@BitrueOfficial) April 14, 2023
In the official press release, the Bitrue team said they took swift action to contain the breach and minimize its impact. The exchange announced the suspension of all withdrawals until April 18th and has promised to compensate all users affected by the attack. An investigation is currently underway. The recent hack comes barely 4 years after Bitrue suffered an exploit leading to the loss of over $4 million in ADA and XRP.
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