Bitrue Exchange has unveiled a $1 million prize pool for a trading competition involving cryptocurrencies such as XRP.

Read more on: https://thecryptobasic.com/2024/02/09/bitrue-introduces-1000000-btc-xrp-trading-contest/
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On April 14, 2023, Bitrue, a popular cryptocurrency exchange, published an official notice regarding a brief exploit in one of its hot wallets. The exploit occurred at 07:18 UTC, and the Bitrue team was able to address the issue quickly, preventing the further exploitation of funds.

According to the notice, attackers were able to withdraw assets worth approximately 23 million USD in the following currencies: ETH, QNT, GALA, SHIB, HOT, and MATIC. However, the affected hot wallet only contained less than 5% of Bitrue’s overall funds, and the rest of their wallets remain secure and have not been compromised.

Bitrue is currently conducting a thorough security review and investigation into the situation. To ensure the safety of their users, Bitrue has temporarily suspended all withdrawals until April 18, 2023, to conduct additional security checks. Bitrue has also assured its users that all identified users who are affected by this incident will be compensated in full.

In the statement, the Bitrue team expressed their commitment to maintaining transparency throughout the process and thanked their users for their continued support. The Bitrue team’s quick response to the situation and their commitment to transparency and user compensation are commendable.

The cryptocurrency market is constantly evolving, and incidents like this highlight the importance of strong security measures and continuous monitoring of systems. As cryptocurrency continues to gain popularity, it is essential that exchanges and platforms take every measure to ensure the safety of their users’ funds.

In conclusion, Bitrue has shown responsibility and transparency in addressing the brief exploit in their hot wallet. It is important for cryptocurrency exchanges and platforms to take every measure to ensure the safety and security of their users’ funds and maintain transparency in their actions.

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This article was republished from azcoinnews.com