Taiwanese Crypto Exchange BitoPro Likely Hacked for $11M in May, ZachXBT Says
BitoPro Suffers $11.5 Million Crypto Exploit, Remains Silent
Taiwanese cryptocurrency exchange BitoPro has reportedly suffered a significant security breach resulting in the loss of over $11.5 million worth of cryptocurrency. Blockchain investigator ZachXBT revealed the exploit, which occurred on May 8th, highlighting the unauthorized access to BitoPro’s hot wallets across multiple blockchains including Ethereum, Tron, Solana, and Polygon.
The attackers successfully compromised BitoPro’s security measures, gaining control of a substantial amount of digital assets. Following the theft, the stolen funds were swiftly moved through a series of transactions designed to obscure their origin and trail. Decentralized exchanges served as the initial point of sale for the stolen tokens. To further complicate tracing efforts, the perpetrators utilized privacy protocols like Tornado Cash and Thorchain, known for their ability to obfuscate the movement of cryptocurrency. The laundering process culminated in the transfer of the proceeds to Wasabi Wallet, a Bitcoin mixing service renowned for enhancing transaction anonymity.
BitoPro’s response to the incident has been met with criticism for its lack of transparency and communication. The exchange has yet to issue any public statements acknowledging the breach, a stark contrast to typical industry practice following significant security incidents. Instead of a transparent disclosure, BitoPro informed users of a temporary service suspension citing “system maintenance.” This lack of communication fueled speculation and raised concerns amongst the crypto community, with minimal discussion of the event occurring on platforms like X (formerly Twitter). ZachXBT specifically highlighted BitoPro’s silence on both X and Telegram, further emphasizing the lack of official acknowledgment.
BitoPro, established in Taiwan in 2018 and operated by BitoGroup, primarily caters to the local market, offering trading pairs primarily using the Taiwanese dollar (TWD) for major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Despite the significant security breach, the exchange reported over $20 million in trading volume within the past 24 hours, solidifying its position as the leading locally-focused exchange in Taiwan based on this metric. The incident underscores the ongoing challenges faced by cryptocurrency exchanges in securing their assets and maintaining the trust of their users, highlighting the importance of proactive security measures and transparent communication in the event of a breach. The silence surrounding the event raises further concerns about the exchange’s operational practices and its commitment to user security.
