Cryptocurrency exchange BitoPro
$29.26M
The stolen funds were taken from the exchange’s online wallets, commonly used to handle day-to-day transactions across Ethereum
BitoPro made no public announcement at the time. On May 9, BitoPro briefly paused operations for maintenance, which was resolved within a few hours. However, users reported being unable to withdraw USDT
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What are Stablecoins, Altcoins & Wrapped Coins Explained!
It was not until June 2 that BitoPro publicly acknowledged the breach. In a message posted on Telegram, the company explained that the incident happened during an internal update to its wallet system. While moving funds around, an older hot wallet was left exposed, which gave the attacker a chance to access the assets.
Additionally, blockchain analyst ZachXBT reported on June 2 that the stolen tokens were moved to decentralized exchanges, where they were swapped. From there, the funds were either mixed through Tornado Cash or sent through THORChain
BitoPro has stated that its reserves are large enough to cover the loss and that users can continue to withdraw funds without restrictions. Trading services, deposits, and withdrawals have stayed online the whole time.
The company also mentioned that it has hired a blockchain security firm to track down the stolen funds.
On May 22, Cetus, a decentralized exchange (DEX), paused operations following a suspected $200 million exploit, with $63 million bridged to Ethereum. How did the attacker manage to pull it off? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
