Bitopro Confirms $11M Hack, Taiwan Crypto Exchange Says It Has Replenished Lost Funds

Taiwanese cryptocurrency exchange BitoPro experienced a significant security breach in May, resulting in losses exceeding $11 million. The attack targeted an older “hot wallet”—a wallet connected to the internet—during a scheduled system upgrade on May 8th. Blockchain investigator ZachXBT first publicized the incident, detailing the subsequent laundering of the stolen funds through decentralized exchanges (DEXs) and privacy-enhancing technologies before their final deposit into Wasabi Wallet, a known Bitcoin mixer.

BitoPro promptly responded to the breach, initiating an emergency protocol. The exchange immediately transferred its assets to newly secured wallets, effectively blocking further access by the attackers. Crucially, BitoPro emphasized that the incident did not compromise user funds; all deposits, withdrawals, and trading functionalities remained operational throughout the event. A spokesperson reassured users that BitoPro’s reserves are substantial, ensuring the complete safety of customer assets.

The exchange is collaborating with a specialized cybersecurity firm to thoroughly investigate the attack’s origins and methods. Transparency is a key component of their response; BitoPro intends to publish new hot wallet addresses publicly to enhance user confidence and provide greater oversight of their operations. As a preventative measure, the company has affirmed that the vast majority of its cryptocurrency holdings are stored in offline “cold wallets,” significantly reducing the vulnerability to future attacks.

BitoPro, a subsidiary of BitoGroup, has been a prominent player in Taiwan’s cryptocurrency market since 2018. Supporting major cryptocurrencies paired with the Taiwanese dollar (TWD), the platform maintains a substantial trading volume, processing over $20 million in transactions within the preceding 24 hours. This incident underscores the persistent security challenges facing even established cryptocurrency exchanges and highlights the critical need for robust security protocols and proactive measures to protect both exchange and user assets. The investigation’s findings will likely inform future security practices within the industry.