Cardano (ADA) Price Takes A 10% Dip As Hackers Steal 2.5 Million ADA Tokens From Bitrue Exchange, What’s Next For Cardano?

Cardano News Today – Cardano has been deep in red for hours now after rising by over 15% during yesterday’s cryptocurrency bull rally. Unfortunately, the price collapsed as fast as it spiked as hackers took advantage of a vulnerability on the cryptocurrency exchange Bitrue. According to the reports on the official Twitter handle of the company, hackers made away with $4.2 million in cryptocurrencies, XRP and ADA. This attack hasn’t just affected the price of Cardano ADA and XRP but has affected the entire cryptocurrency market. What hope is there for Cardano ADA?

Cardano News Today – ADA Latest Update – Hackers Steal 2.5 Million ADA Tokens, Prices Slump By Over 10%

Reports about cryptocurrency exchange hacks is no longer news. It’s like an event that happens every other day now. This time, Bitrue was the exchange that was attacked just after the cryptocurrency bull rally. The exchange took to their official page on Twitter to announce that they lost $4.2 million in XRP and ADA to unknown hackers. Out of the total amount, $4 million was in XRP which is equivalent to about 9.3 million tokens. The other $233,000 was in 2.5 million ADA tokens.

As soon as the attack was launched, half of it was sent to private wallets while the other half was sent to cryptocurrency exchanges, ChangeNow, Bittrex, Huobi, and Coinswitch.co. They have frozen $1.35 million on these exchanges to prevent hackers from moving it. The report from the exchange was as follows;

“After recovering the frozen assets, the net loss will be $3.15 million USD. This total includes $1.89 million USD lost from individual user accounts, and $1.26 million USD lost from Bitrue’s own hot wallet. The funds lost by user accounts were insured and will be replaced by Bitrue as soon as the exchange resumes service.”

The hackers were able to make away with the funds by exploiting one of Bitrue’s internal review processes and gaining access to the company’s hot wallet. As soon as the system administrators discovered the hack, they shut down. However, $4.2 million was already stolen before they could shut the system down. The hack affected about 90 users but all of them will receive their funds when operations begin because the funds were insured. The exchange is certain that it will get back 100% of the lost coins after investigation.

As soon as the hack happened, Bitrue claimed that it was undergoing a scheduled maintenance. It took a while but it eventually announced that the system was down not because of a maintenance but because of a hack. Since then, they have been communicating openly with their users through social media handles.

Cardano News Today – Cardano Latest Update – Current Price Of ADA – Why Is ADA Falling

At the time of writing, the price of Cardano ADA was $0.089281. This means that it is down by 13.55% against the USD and down by 4.01% against the price of BTC. The trading volume over a 24 hour period is $340,031,901 and the market capitalization is $2,314,793,131.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.036-0.22%

Right now, a combination of factors are responsible for the crash in the price of Cardano ADA. For starters, the entire cryptocurrency market is correcting lower after the recent cryptocurrency bull run. Secondly the Bitrue hack has also promoted market-wide panic.

What do you think about the Cardano news today? Is the price of ADA falling because of the Bitrue hack and general sentiment in the market or are their internal factors driving the dump? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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