Cryptocurrency market update: Singaporean Bitrue's $4 million hack in Ripple and Cardano aftermath wipes off $46 billion

An exchange based in Singapore has suffered a hack attack losing about $4.2 million in various cryptocurrencies. According to Twitter messages by the exchange, the hack attack was discovered around 1.00 a.m. local time on Thursday. Fortunately, the exchange had insured the funds, which means that all the users affected by the hack would be duly compensated.   

“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”

According to Bitrue 9.3 million XRP tokens and 2.5 million Cardano (ADA) tokens had been transferred from the exchange. A total of $4.2 million worth of digital assets has been lost in the attack.

“A hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”

In the wake of that attack, cryptocurrencies are going through the worst selloff since the recovery began in April this year. $46 billion has been wiped off from the entire market with Bitcoin falling from highs above $13,800 to lows close to $11,000. Other major assets like Ethereum dived under $300 from highs above $360. Ripple is down 7.9% on Thursday following the plunge from $0.4656 to lows around $0.4078. In fact, all the top twenty cryptos are nursing losses while seeking support above key levels.