Taiwans BitoPro hit by NT345 million cryptocurrency hack Taiwan News Jun 4 2025 1223

pMOREppTaiwan News 2025 All Rights ReservedppppCountrys secondlargest crypto platform faces cyberattack as hackers exploit multiple blockchains and mixerspp Jun 4 2025 1223ppRepresentations of Bitcoin Reuters Benoit Tessier photoppTAIPEI Taiwan News Taiwans secondlargest crypto platform BitoPro suffered a cyberattack on May 8 losing an estimated NT345 million US115 million blockchain analyst ZachXBT revealed MondayppThe Financial Supervisory Commissions Securities and Futures Bureau confirmed the security breach and announced that BitoPro will be required to issue an official public statement regarding the incident CTEE reported Operator Bito Group assured users that their assets and rights remain protected and unaffectedppZachXBTs onchain analysis revealed that the hackers exploited several public blockchains including Tron Ethereum Solana and Polygon Following the theft the stolen funds were moved through centralized exchanges or thirdparty platforms for trading digital currencies for liquidationppThe hackers also employed mixers such as Tornado Cash to obscure the origin and destination of the assets and used crosschain transfers via Thorchain to move the funds into the Bitcoin network From there the money was funneled into privacy wallets like WasabippBlockchain technology is a decentralized and secure type of database that stores data in interconnected blocks creating an immutable and transparent ledger shared across a network This design ensures that no single party can alter transaction records without consensus making it ideal for tracking digital assets according to Binance Academy and Amazon Web ServicesppMixers are tools used in the cryptocurrency ecosystem to enhance transaction privacy by breaking the link between sender and receiver on public blockchains like Bitcoin and Ethereum While mixers protect user privacy and are favored by some advocates they are also frequently used for money laundering attracting regulatory scrutiny worldwide according to Block TempoppThe platform reported that the breach occurred during an upgrade of its wallet system and asset transfer process targeting an outdated hot wallet Hot wallets which are connected to the internet facilitate quick access but are more vulnerable to hacking compared to cold wallets which are offline and more secureppUpon detecting the intrusion it immediately transferred the platforms assets to a new wallet and blocked further unauthorized access The platform has engaged a thirdparty cybersecurity firm to investigate the attack and monitor related activitiesppAll user functions including deposits withdrawals and trading have continued uninterrupted BitoPro saidppThe platform also announced plans to publicly disclose the address of the new hot wallet for user verification It emphasized that the majority of its assets are stored in cold wallets which remained unaffected by the cyberattackppBoth hot and cold wallets store cryptocurrency and token private keys Cold wallets typically hardware devices resembling USB sticks offer enhanced security as they are offline and therefore less susceptible to cyberattacks according to InvestopediappThe bureau said Bito Group must absorb the financial loss resulting from the attack and is prohibited from passing it on to users It also reminded industry participants of the importance of promptly disclosing significant incidents and pledged to oversee improvements in security measures across the sectorppTaiwan denies Chinas accusation of DPPled cyberattackppMay 28 2025 1100ppNorth Korean cyber spies created US firms to dupe crypto developersppApr 25 2025 1050ppTaiwan Network Information Center unveils strategies to combat cyberattacksppApr 25 2025 1033ppTaiwans Chansn Hospital hit by cyberattackppApr 21 2025 2027ppCyberattacks on Taiwanese agencies rise in MarchppApr 21 2025 1709ppTaiwan uncovers identity of Chinese hacker Crazyhunter in Mackay Memorial Hospital cyberattackppApr 2 2025 1715ppTaiwan shortens COVID vaccine gap to 2 months for highrisk groupsppDispute causes graduation ceremony to be canceled at Taichung universityppTaiwan receipt lottery winning numbers announced for March and AprilppTaipei MRT to accept credit cards mobile payments in OctoberppTaiwan expected to see rain from Thursday through weekendppSlow start to Taiwans typhoon seasonppTwo victims held in Cambodia scam center return to TaiwanppSpanish tourist jumps from moving illegal taxi at airportppMan 1st to lose Taiwan citizenship after getting Chinese IDppMigrant worker appeals life sentence in Taiwan murder caseppTaiwan News Staff Writerp