Bitrue, a popular cryptocurrency exchange, has suffered a massive exploit resulting in the loss of tens of billions of Shiba Inu tokens and other digital assets worth about $23 million.

The incident occurred on 14th April 2023, with hackers exploiting a hot wallet to steal assets such as Ethereum, Quant, Gala, SHIB, HOT, and MATIC.

Bitrue immediately addressed the issue, prevented further exploitation of funds, and launched an investigation into the matter.

The exchange emphasized that the affected hot wallet contained less than 5% of their overall funds, and the rest of their wallets remained secure and uncompromised.

Blockchain security firm PeckShield has identified the wallet address used by the bad actor and discovered that they exchanged the stolen assets for approximately 8,540 ETH. PeckShield also notes that QNT, which was among the stolen assets, experienced an 11% drop in just three hours due to the exploit.

Bitrue has promised to compensate its affected customers, and the exchange is working to improve its security measures to prevent similar incidents from happening in the future.

With the increasing prevalence of crypto thefts and hacks, it’s crucial for crypto exchanges to prioritize security measures to safeguard users’ assets.