BitoPro, a Taiwan-based cryptocurrency exchange, has confirmed a cyberattack that occurred on an old hot wallet in May, leading to losses exceeding $11 million. The company quickly restored the stolen funds and transferred assets to new wallets to prevent further loss.

Key Points:

• Loss Confirmation: The attack was highlighted by blockchain investigator ZachXBT, who noted that stolen funds were laundered via decentralized exchanges and privacy protocols before being deposited into Wasabi Wallet, a well-known Bitcoin mixer.
• Immediate Response: Upon noticing the breach, BitoPro swiftly initiated an emergency response. They secured assets by transferring them to safe wallets, ensuring no user assets were affected.
• User Assurance: BitoPro reassured clients that all deposits, withdrawals, and trading functions remained unaffected, citing sufficient virtual asset reserves.
• Future Prevention: The exchange is collaborating with a third-party cybersecurity firm to investigate the incident and plans to share new hot wallet addresses transparently. They’re also committed to maintaining the majority of their assets in cold storage to avert similar occurrences in the future.

BitoPro has been a critical player in Taiwan’s cryptocurrency landscape since 2018, facilitating primary cryptocurrencies paired with the Taiwanese dollar and boasting a trading volume exceeding $20 million within the past day.