BitoPro, a Taiwan-based cryptocurrency exchange, has acknowledged a cyberattack that took place in May, resulting in the theft of over $11 million from an outdated hot wallet. The company promptly replenished the stolen funds and transferred its assets to new wallets to prevent any further losses.
The security incident, which was first identified by ZachXBT, a renowned blockchain sleuth, occurred on May 8 during a wallet system upgrade. According to ZachXBT, the stolen funds were laundered through various decentralized exchanges and privacy protocols before being deposited into a Bitcoin mixer called Wasabi Wallet. In a statement to CoinDesk, BitoPro confirmed the cyberattack, stating that it swiftly initiated an emergency response upon detection, securing its assets by relocating them to new wallets and blocking the attacker.
The exchange emphasized that its users' assets remained unaffected throughout the incident, with all deposit, withdrawal, and trading activities continuing uninterrupted. A spokesperson for the company assured that BitoPro's virtual asset reserves are substantial, and users' assets remain entirely unaffected. The exchange is collaborating with a third-party cybersecurity firm to investigate the hack and plans to publish new hot wallet addresses soon to enhance transparency. BitoPro, operated by BitoGroup, has been serving Taiwan's cryptocurrency market since 2018, offering major cryptocurrencies paired with the Taiwanese dollar, with a trading volume exceeding $20 million in the past 24 hours.