Earlier this week hackers were able to breach the accounts of about 90 users of the Singapore-based cryptocurrency exchange, managing to steal 9.3 million XRP and 2.5 million Cardano, totaling $4.7 million.
Now, they have announced that they will resume deposits and withdrawals on July 4th. They will have BTR/XRP, BTR/BTC, BTR/USDT, and BTR/ETH ready to go.
3. On July 4 15:00 (GMT+8) we’ll be undergoing some *PLANNED* maintenance which will last about 3 hours. After this, holding BTR will allow you to reduce your trading fees when trading on the Bitrue platform.
— Bitrue (@BitrueOfficial) June 28, 2019
Per Bitrue’s statement, administrators detected the hack and immediately shut down trading on their platform, putting the site in maintenance mode while they investigated what was happening. Bitrue said it’s working with Bittrex, ChangeNOW, and Huobi to recover the funds from their respective platform.
They even assured that they are reviewing their security measures and policies to ensure that this never happens again. They are even in touch with relevant authorities in Singapore to assist the team in tracking down the culprits.
This was their second security incident this year. In January, Bitrue admins also acknowledged to falling victim to a 51% attack during which an attacker exfiltrated over 13,000 Ethereum Classic (ETC) coins worth over $100,000 from the platform’s accounts. That attack, however, was thwarted.
Reacting in the wake of the attack, Binance’s CEO, Changpeng Zhao tweeted that they were edging closer to finalizing work on a revolutionary anti-fraud system that will be free for all. Admitting that the industry is, decentralized, but united, CZ, as he’s best known, said that the system would be available soon. Once released, the system would be able to track stolen assets using the Blockchain platform they are moved through.