Crypto Trading Platform Bittrue Suffers $24.4 Million Loss in Cyber Attack

On April 14th, it was reported that Bittrue, a crypto trading platform, was attacked, resulting in a loss of approximately $24.4 million. The stolen funds are kept in the address s

Crypto Trading Platform Bittrue Suffers $24.4 Million Loss in Cyber Attack

On April 14th, it was reported that Bittrue, a crypto trading platform, was attacked, resulting in a loss of approximately $24.4 million. The stolen funds are kept in the address starting with 0x181, and the attacker has redeemed 8858 ETHs.

Bittrue, an encrypted trading platform, was attacked with a loss of approximately $24.4 million

On April 14th, 2021, Bittrue, a cryptocurrency exchange platform, was hit by hackers resulting in a loss of around $24.4 million worth of cryptocurrency. Reports indicate that the stolen funds were held in an address beginning with 0x181, and the attacker has redeemed nearly 8858 Ethereum (ETH).

Background on Bittrue

Bittrue is a cryptocurrency trading platform formally launched in March 2018. Based in Singapore, it provides services globally, allowing users to purchase and sell digital currencies through its website and mobile app. Bittrue’s purpose is to provide its users with a secure way to store, trade, and invest in cryptocurrencies, with a focus on providing high-quality trading services to investors worldwide.

The Attack on Bittrue

On April 14th, Bittrue endured a considerable loss that, reports suggest, could have serious consequences for the trading platform. The incident involved hackers stealing enormous amounts of cryptocurrency from the trading platform, specifically $24.4 million in digital assets.

How It Happened

According to reports, the hacker attached a malicious smart contract to Bittrue’s smart contract. This allowed the attacker to manipulate Bittrue’s internal service to inject a fake transaction of one cryptocurrency into Bittrue’s internal order book. The attacker then sold that fake token and bought the legitimate token for cheap, resulting in a massive profit after selling the legitimate token.
The hacker seems to have used a classic technique called a “Reentrancy attack.” This method involves an attacker initiating a malicious contract with another smart contract, re-entering the original contract before the first contract completed its execution, giving the attacker access to unsecured data in the original smart contract.

The Aftermath

The attack resulted in the loss of $24.4 million worth of digital assets. Bittrue has since updated its system to prevent and detect such attacks. Further, the company has announced that it will repay affected users out of its funds, so none of its users have to bear any losses due to the attack.

Security Measures to Prevent Future Attacks

The cryptocurrency industry is continually evolving, and Bittrue is no exception in this regard. They are continuously developing and implementing industry-standard security measures to ensure that their system is less vulnerable to attacks from hackers.
The implementation of new technologies such as Blockchain and Hyperledger has provided a boost to the security of cryptocurrencies. However, system administrators and developers need to be vigilant in their approach towards keeping their systems secure. Periodic testing of the system and its components is critical to ensuring that it remains secure and free from vulnerabilities.

Conclusion

Security remains the biggest challenge in the cryptocurrency industry. The Bittrue attack is not the first of its kind, and it shows that anyone, including established cryptocurrency exchanges, can be a target. It is crucial for the industry to come together to develop new security approaches that can ensure that attacks like these become a thing of the past.

FAQs

1. What is Bittrue?
Bittrue is a cryptocurrency trading platform that allows users to buy and sell digital currencies globally.
2. How Much Did Bittrue Lose in the Latest Attack?
Bittrue lost approximately $24.4 million worth of cryptocurrency.
3. What Measures are Bittrue Taking to Prevent Future Attacks?
Bittrue has updated its system to prevent and detect such attacks, and it is also continuously developing and implementing industry-standard security measures. Additionally, they have announced that they will repay affected users out of their funds, so none of their users have to bear any losses due to the attack.

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