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SHIB, MATIC, GALA Wallet Exploit: Bitrue Shares Important Update With Users

Thu, 04/27/2023 - 12:00
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Tomiwabold Olajide
Bitrue announces important update
SHIB, MATIC, GALA Wallet Exploit: Bitrue Shares Important Update With Users
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Earlier in April, Singapore-based crypto exchange Bitrue reported an exploit in one of its hot wallets.

The attacker withdrew assets valued at approximately $23 million in Ethereum (ETH), Quant (QNT), Gala (GALA), Shiba Inu (SHIB), Holo (HOT) and Polygon (MATIC). According to Bitrue, the impacted hot wallet only contained less than 5% of the total assets on the exchange.

After running a series of security checks, it made the deduction that while most users were not affected, certain users had experienced short outages in withdrawals. It promised to compensate users affected by the incident in full.

However, at the time, it could only partially complete the security checks. Although it was able to resume normal operations for all tokens, it could not do so for QNT, MATIC or HOT, which were among the assets stolen in the exploit.

In a new update shared by the crypto exchange, it says all services are fully operational, while thanking its community for their support.

Crypto market price action

Bitcoin increased to around $30,000 on Wednesday in anticipation of favorable monetary policies in the United States. Shortly after the U.S. market opened, prices spiked to the $27,700 mark as a result of unexpected selling.

Bitcoin (BTC) Recovers Back to $28,000, Driven by These Two Factors: Details

Prices may have been further impacted by rumors of Bitcoin sales from the American government and the troubled cryptocurrency exchange Mt. Gox, as prices dropped as low as $27,200. However, the on-chain company Arkham Intelligence, which initially distributed the alerts, eventually acknowledged that such data alerts were incorrectly categorized.

At the time of writing, Bitcoin and the majority of cryptocurrencies save stablecoins were still trading in losses.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.