Bitopro Confirms $11M Hack, Taiwan Crypto Exchange Says it Has Replenished Lost Funds
Taiwanese cryptocurrency exchange BitoPro recently disclosed a significant security breach resulting in the theft of over $11 million. The incident, which occurred on May 8th during a scheduled wallet system upgrade, involved a compromise of an older “hot wallet”—a wallet connected to the internet for transactional purposes. The breach was initially uncovered by blockchain investigator ZachXBT, who traced the stolen funds through a series of transactions involving decentralized exchanges (DEXs) and privacy-enhancing protocols. Ultimately, the funds were deposited into Wasabi Wallet, a known Bitcoin mixer designed to obfuscate the origins of cryptocurrency transactions.
BitoPro swiftly acknowledged the attack, confirming the loss and detailing their immediate response. The exchange acted quickly to secure remaining assets, transferring them to newly established wallets and implementing measures to block the attacker from accessing further funds. Critically, BitoPro emphasized that the incident did not affect user funds; all customer deposits, withdrawals, and trading operations continued without interruption. A spokesperson reassured users that BitoPro maintains substantial virtual asset reserves, ensuring complete protection of user holdings.
The exchange is actively collaborating with an independent cybersecurity firm to conduct a thorough investigation into the nature of the breach and identify any vulnerabilities exploited by the attackers. As part of its commitment to transparency, BitoPro plans to publicly release new hot wallet addresses in the near future. This move aims to enhance user confidence and provide greater visibility into the exchange’s security practices. To mitigate the risk of future incidents, BitoPro stressed that the vast majority of its assets are securely stored in offline cold wallets—a significantly more secure storage method that minimizes the exposure to online attacks.
BitoPro, a subsidiary of BitoGroup, has been a prominent player in Taiwan’s cryptocurrency market since 2018. The exchange supports major cryptocurrencies paired with the Taiwanese dollar (TWD) and boasts substantial trading volume, processing over $20 million in trades within the past 24 hours alone. This incident, however, underscores the ongoing challenges faced by cryptocurrency exchanges in securing their assets and the importance of robust security protocols to prevent future breaches.
