Cryptocurrency News, Ripple XRP News

Millions of XRPs stolen in one day

Two theft cases were reported in less than 24 hours about stolen XRPs. The first occurred as a form of a hack of the Singapore-based cryptocurrency exchange Bitrue. According to the exchange, 9.3 million XRP and 2.5 million ADA were stolen by the hackers who were able to exploit a vulnerability in the exchange’s risk control team. The hack affected approximately 90 users, all of which will be refunded as personal funds are insured.

Hacks are unfortunately not a rare occurrence in the cryptocurrency space, but thankfully exchanges are almost in full cooperation mode to police thefts and freeze funds. The Bitrue hackers have transferred the funds to other cryptocurrency exchanges: Huobi, Bittrex and ChangeNOW, all of which were contacted by Bitrue and consequently froze the funds (the funds can be tracked here). Singapore authorities were also alerted and briefed about the situation to help track down the hackers.

The other theft was unfortunately made by a cryptocurrency exchange. During the 2017 bull-run, a new cryptocurrency emerged, Bitsane, allowing users to buy and trade XRP, as it was not very accessible back then. All of a sudden, users were unable to withdraw their funds. Forbes reported that most users have lost $5,000, however they have contacted a U.S-based user who had $150,000 worth of XRP and BTC on the exchange.

Both of these are very unfortunate events but may raise awareness that when a new and unregulated asset class emerges, not only should the assets be vetted but the exchanges too.

Image licensed via Shutterstock

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