- BitoPro confirmed a cyberattack in May that led to over $11 million in losses from an old hot wallet.
- The breach took place during a wallet system upgrade process.
- The exchange promptly moved funds to new wallets and stated that user assets were not affected.
- An outside Cybersecurity firm is currently helping BitoPro investigate the incident.
- The company plans to publish new wallet addresses and says most assets remain stored offline.
BitoPro, a cryptocurrency exchange based in Taiwan, reported a cyberattack in May targeting one of its old hot wallets. The security breach, which occurred during a wallet system upgrade on May 8, resulted in losses totaling more than $11 million.
According to a statement from the company, the stolen funds were quickly replaced, and the exchange moved remaining assets to new wallets in an effort to stop additional theft. BitoPro stressed that customer funds were never at risk throughout the incident, and trading operations continued without interruption.
The exchange explained that the breach was first identified by blockchain researcher ZachXBT, who noted how the attacker used decentralized exchanges and privacy mixers, such as Wasabi Wallet, to conceal the path of the stolen funds. “BitoPro recently experienced a cyberattack on an old hot wallet during a wallet system upgrade,” the company told CoinDesk. “Upon detection, we quickly launched an emergency response, securing assets by moving them to new wallets and blocking the attacker.”
A BitoPro spokesperson said in a statement that the company’s digital asset reserves are sufficient and “user assets remain completely unaffected.” The exchange has brought in a third-party cybersecurity company to investigate and will soon release updated hot wallet addresses to enhance transparency.
Hot wallets are online cryptocurrency storage solutions that provide flexibility for transactions but are generally more vulnerable to Hacking attacks compared to cold wallets, which store assets offline. BitoPro noted that most of its assets are held in cold wallets to lower security risks from future incidents.
Operating under BitoGroup, BitoPro has served Taiwan’s digital asset market since 2018, supporting major cryptocurrencies paired with the local dollar. Over the last 24 hours, the platform processed more than $20 million in trading volume based on available data.
For more information, see: Taiwanese Crypto Exchange BitoPro Likely Hacked for $11M in May, ZachXBT Says.
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