Latest news with #BitoPro
Yahoo
5 hours ago
- Business
- Yahoo
Bitopro Confirms $11M Hack, Taiwan Crypto Exchange Says It Has Replenished Lost Funds
Taiwan-based crypto exchange BitoPro has confirmed to CoinDesk that it suffered a cyberattack on an old hot wallet in May, resulting in losses of over $11 million. The company said it immediately replenished the stolen funds and moved assets to new wallets to prevent further losses. The breach, which occurred on May 8 during a wallet system upgrade, was first flagged by blockchain sleuth ZachXBT. He revealed that the stolen funds were laundered through decentralized exchanges and privacy protocols before being deposited into Wasabi Wallet, a popular Bitcoin mixer. 'BitoPro recently experienced a cyberattack on an old hot wallet during a wallet system upgrade,' the exchange shared with CoinDesk. 'Upon detection, we quickly launched an emergency response, securing assets by moving them to new wallets and blocking the attacker.' The company emphasized that user assets were unaffected, with all deposits, withdrawals, and trading functions continuing as normal. 'BitoPro's virtual asset reserves are ample, and user assets remain completely unaffected,' a spokesperson added. The exchange said it is working with a third-party cybersecurity firm to investigate the hack and will soon publish new hot wallet addresses to improve transparency. It added that the majority of its assets are held in offline cold wallets to protect against similar incidents in the future. BitoPro, which is operated by BitoGroup, has served Taiwan's crypto market since 2018. It supports major cryptocurrencies paired with the Taiwanese dollar and processed over $20 million in trading volume in the past 24 hours, according to while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Taiwanese crypto exchange BitoPro confirms estimated $11.5 million hack
BitoPro, a Taiwanese crypto exchange, confirmed on Monday that it was 'attacked by hackers' during a recent system upgrade after a crypto sleuth brought attention to $11.5 million worth of suspicious withdrawals from the platform. An old hot wallet—a crypto wallet that is connected to the internet, as opposed to a cold wallet, which is not—had been targeted by hackers during a 'recent wallet system upgrade and asset transfer operation,' BitoPro announced via Telegram on Monday. The revelation came hours after ZachXBT, a pseudonymous crypto investigator, reported on Telegram that the exchange 'was likely exploited for ~$11.5 million on May 8, 2025.' While BitoPro did not disclose how much money was stolen in the breach, the statement said that the platform has 'sufficient virtual asset reserves' to maintain customer funds and company operations. 'Since the incident, user top-up, withdrawal and transaction functions have maintained normal operation,' the company said in the statement. BitoPro did not immediately respond to a request for comment from Fortune. Since the company's announcement on Monday, trading volume on the exchange has fallen 21%, according to crypto data platform CoinGecko. The news of BitoPro's hack follows a separate announcement from Coinbase last month that criminals had stolen the personal data of tens of thousands of its customers. In an SEC filing about the incident, Coinbase estimated that the incident could cost as much as $400 million in 'remediation costs and voluntary customer reimbursements.' These recent breaches add to an already historic year for crypto exchange hacks. In February, hackers stole a record $1.5 billion from Dubai-based crypto exchange ByBit. Not only was it the largest hack of a crypto exchange, it was the largest heist of all time. The ByBit hack and many others have been traced back to a collective of North Korean hackers that present a growing threat to companies and governments worldwide. The hacker group, whose goal is to pilfer enough money to support the country's economy in the face of sanctions, has successfully infiltrated multiple crypto companies using techniques ranging from social engineering—like impersonating an IT worker—to technological exploitations and installing malware. This story was originally featured on
Yahoo
5 days ago
- Business
- Yahoo
Taiwanese Crypto Exchange BitoPro Likely Hacked for $11M in May, ZachXBT Says
Taiwanese cryptocurrency exchange BitoPro is suspected to have lost over $11.5 million worth of tokens in a May 8 exploit, widely-followed blockchain sleuth ZachXBT said in his Telegram group on Monday. The exploit involved unauthorized access to BitoPro's hot wallets across multiple blockchains, including Ethereum, Tron, Solana, and Polygon. The stolen assets were then sold on decentralized exchanges, with proceeds laundered through privacy protocols such as Tornado Cash and Thorchain, and eventually moved to Wasabi Wallet, a Bitcoin mixing service. BitoPro has not issued any public statements acknowledging the breach since the supposed explicit. Users were informed of a temporary service suspension due to "system maintenance' last month, and there was little social chatter in popular crypto X circles around the incident at the time. 'BitoPro has yet to formally disclose the incident on X or Telegram and told users the exchange was just offline for "maintenance,' ZachXBT said. BitoPro has been based in Taiwan since 2018 and is operated by BitoGroup. It is mostly focused on the local market and mainly supports Taiwanese dollar (TWD) fiat pairs for major tokens such as bitcoin BTC, ether ETH and others. It processed over $20 million in trading volumes in the past 24 hours, data shows, and is the top locally-focused exchange by that metric. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
