Hot – Coin Network News https://coinnetworknews.com If it's coin, it's news. Tue, 27 Feb 2024 09:32:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Crypto Exchange Bitforex Suspends Withdrawals Following $56.5M Drain From Hot Wallets https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/ https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/#respond Tue, 27 Feb 2024 09:32:32 +0000 https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/ Crypto Exchange Bitforex Suspends Withdrawals Following $56.5M Drain From Hot WalletsBitforex, a centralized cryptocurrency exchange, abruptly halted user withdrawals. This sudden action occurred just moments after a reported $56.5 million was removed from the platform’s hot wallets. According to online crypto investigator Zachxbt, the Bitforex team has ceased all communication with users. No Official Word From the Bitforex Team On Feb. 23, Bitforex, a cryptocurrency […]

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]]> https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/feed/ 0 Crypto exchange Bitrue suffers $23M hack due to hot wallet exploit https://coinnetworknews.com/crypto-exchange-bitrue-suffers-23m-hack-due-to-hot-wallet-exploit/ https://coinnetworknews.com/crypto-exchange-bitrue-suffers-23m-hack-due-to-hot-wallet-exploit/#respond Fri, 14 Apr 2023 12:16:32 +0000 https://coinnetworknews.com/crypto-exchange-bitrue-suffers-23m-hack-due-to-hot-wallet-exploit/

Bitrue cryptocurrency exchange has suffered a hot wallet exploit, allowing attackers to withdraw various crypto assets worth nearly $23 million.

Announcing the news on April 14, Bitrue said that it had to temporarily suspend all withdrawals due to a “brief exploit” of its hot wallet. The firm expects to reopen withdrawals on April 18, 2023, after conducting additional security checks.

Bitrue stressed that it was able to address the matter quickly, which allowed the platform to prevent the further draining of funds. “We take this matter seriously and are currently investigating the situation,” Bitrue stated, adding that the affected hot wallet only accounted for less than 5% of the exchange’s overall funds. The firm wrote:

“The rest of our wallets continue to remain secure and have not been compromised. We are conducting a thorough security review and will update you as we make progress.”

Bitrue executives promised to fully compensate all the identified users affected by the incident. According to the announcement, the affected currencies on the exploited hot wallet included Ether (ETH), Shiba Inu (SHIB), Quant (QNT), Gala (GALA), Holo (HOT) and Polygon (MATIC).

Related: South Korean crypto exchange GDAC hacked for nearly $14M