Tens of billions of Shiba Inu (SHIB) tokens and other digital assets have been stolen from crypto exchange Bitrue in a massive multi-million dollar exploit.
In a new announcement, Bitrue say that hackers could exploit a hot wallet to steal approximately $23 million worth of crypto assets, including Ethereum (ETH) and ERC-20 tokens such as meme assets SHIB, interoperable blockchain Quant (QNT), metaverse gaming platform Gala (GALA ), Layer-2 Scaling Solution Polygon (MATIC), and Decentralized Application (DApp) Marketplace Holochain (HOT).
“We identified a short exploit in one of our hot wallets on April 14, 2023 at 07:18 (UTC), April 14, 2023. We were able to quickly address this issue and further [exploitation] of funds. We take this matter seriously and are currently investigating the situation.
The attackers were able to withdraw assets worth approximately $23 million in ETH, QNT, GALA, SHIB, HOT, and MATIC. The affected hot wallet only contains less than 5% of our total assets. The rest of our wallet remains safe and has not been compromised.”
Blockchain security company PeckShield reveals that the wallet address associated with the bad actor exchanged the stolen QNT, SHIB, HOT, and MATIC for approximately 8,540 ETH.
“Bitrue Drainer-tagged address swapped 173,000 QNT, 22.55 billion SHIB, 46.4 million GALA, and 310,000 MATIC for ~8,540 ETH.
Bitrue Drainer received ~$22M in cryptos (~320 ETH, 173K QNT, 172.55B SHIB, 46.4M GALA, 756.15M HOT and 310K MATIC) from [the address] who received these cryptos from Bitrue three days ago.
Peckshield notes that QNT suffered an 11% drop in just three hours as a result of the exploit. QNT moved from its seven-day high of $127.65 to $115.20. The digital asset has since recovered and is trading at $121.32 at the time of writing.
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