BitoPro Hid $11.5M Hack for 25 Days, Blamed Maintenance

Key Notes

• BitoPro is likely the latest victim of a crypto hack.
• The exchange didn’t reveal the suspicious movements to its community.
• Some members are still complaining of “stuck funds”.

BitoPro, a Taiwanese cryptocurrency exchange launched in 2018, is likely to have lost millions of dollars to a hack in early May, but hasn’t shared any official statements yet.

According to the on-chain investigator ZackXBT, BitPro was likely hacked for $11.5 million on May 8.

The investigation shows that suspicious outflows have been recorded from the Taiwanese exchange’s TRON

TRX $0.27

24h volatility: 0.8%

Market cap: $25.65 B

Vol. 24h: $372.45 M

, Ethereum

ETH $2 496

24h volatility: 0.4%

Market cap: $301.36 B

Vol. 24h: $11.92 B

, Solana

SOL $155.0

24h volatility: 1.1%

Market cap: $80.96 B

Vol. 24h: $2.92 B

and Polygon

MATIC $0.22

24h volatility: 0.9%

Market cap: $325.02 M

Vol. 24h: $1.28 M

hot wallets.

Subsequently, the funds were transferred to Tornado Cash, a popular crypto mixer, or bridged to Bitcoin

BTC $105 389

24h volatility: 1.0%

Market cap: $2.09 T

Vol. 24h: $20.21 B

using THORChain, a decentralized cryptocurrency exchange known for its cross-chain capabilities.

The BTC coins were then moved into Wasabi, an open-source, privacy-focused Bitcoin wallet.

Notably, BitoPro is one of the leading exchanges in Taiwan with a daily trading volume of roughly $25 million.

BitoPro hasn’t officially announced the incident yet. The exchange has been consistently citing “maintenance” issues since May 9 in its official Telegram group chat.

Some of the BitoPro users have been complaining of having trouble with their deposits and withdrawals since the announcement of maintenance breaks.

User claiming account details were altered. Source: BitoPro official group chat

Following ZackXBT’s report, BitoPro’s community has been accusing the exchange of misleading the users with false “maintenance” breaks for almost a month.

Some suspect an insider behind missing funds. Source: BitoPro official group chat

Crypto hacks have been acting as a trust barrier for mainstream users. And it’s not just the smaller exchanges that have been losing funds to fraudulent actors.

In February, Bybit, a leading cryptocurrency exchange, witnessed a $1.5 billion hack. The company transparently pushed the recovery process and has reportedly returned its liquidity to the pre-hack levels.

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