Taiwan-based crypto exchange Bitopro confirmed with Coindesk that it had been cyberattacked with an old hot wallet in May, resulting in more than $11 million in losses.
The company said it quickly refilled the stolen funds and moved its assets into a new wallet to prevent further losses.
Violations that occurred on May 8th during the wallet system upgrade were first flagged by Blockchain Thruce ZACHXBT. He revealed that the stolen funds will be deposited into Wasabi Wallet, a popular Bitcoin mixer, after being washed through decentralized exchanges and privacy protocols.
“Bitopro recently experienced a cyberattack with an old hot wallet while upgrading its wallet system,” the exchange shared with Coindesk. “When we detected it, we immediately began emergency responses, moved them to our new wallets and secured our assets by blocking attackers.”
The company emphasized that user assets were not affected and that all deposits, withdrawals and trading functions continue as normal.
“BitoPro’s virtual asset reserves are sufficient and user assets remain completely unaffected,” the spokesman added.
The exchange said it is working with third-party cybersecurity companies to investigate the hacks and will release new hot wallet addresses to increase transparency soon. He added that the majority of its assets are held in offline cold wallets to protect against similar incidents in the future.
Bitopro, operated by Bitopro, has been serving Taiwan’s crypto market since 2018. It supports major cryptocurrencies paired with the Taiwanese dollar, processing more than $20 million in trading volume in the last 24 hours, according to the data.
Read more: Taiwan’s Crypto Exchange Bitopro is likely to be hacked for $11 million in May, Zachxbt says
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