XRP News Today: XRP and Cardano Down by 7% and 6% Each After the $4.2 Million Bitrue Hack

According to reports, today June 27, a total of 9.3 million XRP tokens and another 2.5 million ADA coins were stolen from Bitrue exchange after a successful hack attempt. The cyber criminals were able to move 9.3 million XRP and 2.5 million ADA tokens from Bitrue to other exchanges. This fresh report indicates that after the heist (that saw hackers steal $4.2 million from Bitrue Exchange), the price of both XRP and ADA came down by 7% and 6% respectively.

XRP Price Down By 7% and ADA Down By 6% on the Day

When you closely look at the price action of both XRP and ADA for today, we will see that after reports of the heist XRP went down by 7% on the day to currently trade at $0.43. The price of the coin also touched a low of about $0.41 after the news broke.

While fellow crypto ADA is now trading 6% lower than the last 24 hours at $0.091. After reports of the hack, it touched a low of about $0.087.

Bitrue exchange said the incident occurred at 1 am (GMT+ 8hrs) today, June 27. The hackers were able to successfully make away with XRP and ADA crypto coins amounting to $4.2 million from Singaporean based crypto Exchange, Bitrue. An investigation into the matter revealed that hackers may have spotted a vulnerability in Bitrue’s ” Risk control team’s second review process which gave them access 90 user personal funds on the exchange.”

The Singaporean cryptocurrency exchange confirmed the incident via their twitter account:

At exactly 1 am June 27 (GMT+8), hackers exploited a vulnerability within our Risk Control team’s second review process in order to gain access to the personal funds of no less than 90 Bitrue users and still their funds.”

Bitrue Has Assured the Affected Users of Reimbursement

Bitrue added that after the heist was discovered its administrators has tracked down the hack and linked the unauthorized account that exfiltrated the funds from the exchanges’ hot wallet. As of press time, the admins are currently working with a number of crypto exchanges to ensure that the stolen funds are recovered and affected users are reimbursed. The platforms working with Bitrue include Bittrex, ChangeNOW, and Huobi.

Here is what Bitrue said to reassure users:

“Please be assured that the ugly and unfortunate situation is now under control. We will ensure that 100% of the lost funds are returned to affected users. We have also made contact the relevant authorities in the country to assist in tracking the culprit and retrieve the stolen funds of our users.

Reports of Hacks on Crypto Exchanges Is Not Strange to 2019

Hacks on cryptocurrency exchanges are not new and several have been successful in the past. It is understood that this recent incident marks the second successful hack attempt on Bitrue exchange. Back in January of this year, an attacker reportedly exfiltrated no less than 13,000 ETC coins worth $100,000 from user accounts.

However, the act was thwarted and user funds were returned. No less than seven cryptocurrency exchanges have suffered hacks this year alone. Topping the affected exchanges is the $40 million heist that hit Binance exchange.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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