22,550,000,000 Shiba Inu and other crypto assets stolen from Bitrue Exchange in massive hack: PeckShield

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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 says hackers were able to leverage a hot wallet to steal around $23 million worth of crypto assets, including Ethereum (ETH) and ERC-20 tokens such as the SHIB meme asset, blockchain interoperable Quant (QNT), metaverse gaming platform Gala (GALA), layer 2 scaling solution Polygon (MATIC), and decentralized application market (DApp) Holochain (HOT).

We have identified a brief exploit in one of our active wallets on April 14, 2023 at 07:18 (UTC). We were able to resolve this issue quickly and prevent other [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 relevant hot wallet only holds less than 5% of our overall funds. The rest of our wallets remain secure and have not been compromised.

Blockchain security firm PeckShield reveals that the wallet address associated with the bad actor exchanged the stolen QNT, SHIB, HOT, and MATIC for around 8,540 ETH.

The address tagged Bitrue Drainer traded 173,000 QNT, 22.55 billion SHIB, 46.4 million GALA and 310,000 MATIC for ~8,540 ETH.

Bitrue Drainer received around $22M worth of crypto (~320 ETH, 173,000 QNT, 172.55B SHIB, 46.4M GALA, 756.15M HOT, and 310,000 MATIC) from [the address] who received these cryptos from Bitrue three days ago.

Source: PeckShield/Twitter

Peckshield notes that QNT suffered an 11% drop in just three hours due to the exploit. QNT fell 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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