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Security remains a top concern in the crypto industry, as centralized and decentralized platforms continue to suffer from high-profile breaches. In the latest case, Taiwan-based exchange BitoPro admitted to a multi-chain wallet exploit that cost the platform over $11.5 million. Though the attack took place on May 8, BitoPro delayed its disclosure until June 2, sparking transparency concerns among users and blockchain investigators.
BitoPro Confirms Security Breach Weeks After Incident
After weeks of silence, BitoPro confirmed a major wallet exploit in a Telegram post on June 2. The attack occurred during a wallet upgrade process, where an outdated hot wallet was compromised. Despite the delay in communication, the platform emphasized that its “virtual asset reserves are sufficient”, and user withdrawals were completely unaffected.
The stolen assets spanned across Ethereum, Solana, Tron, and Polygon networks, with the funds routed to decentralized exchanges (DEXs) and later obfuscated through Tornado Cash and THORChain bridges.
Funds Laundered Through Tornado Cash Raise Anonymity Concerns
Blockchain data revealed that the stolen funds were funneled into Tornado Cash, a well-known cryptocurrency mixer. These tools allow bad actors to hide transaction history, making asset recovery extremely difficult. Some funds were also bridged to Bitcoin, another common tactic used by cybercriminals to erase transaction trails.
BitoPro’s lack of immediate transparency sparked criticism from blockchain investigator ZachXBT, who noted that the exchange had not informed users via X (formerly Twitter) or Telegram until weeks after the breach.
DeFi and Exchanges Remain Top Hacker Targets in 2024
The BitoPro breach is part of a wider trend: crypto hacks are rising, especially targeting DeFi protocols and centralized exchanges. Just days earlier, Cetus DEX lost over $220 million, while Nervos Network reported a $3 million loss — both incidents involving complex, multi-step exploits.
Cybersecurity firm Hacken emphasized that “access control failures” are among the most critical threats in Web3, and highlighted the importance of real-time monitoring tools like Extractor to mitigate risks.
This article was drafted using ChatGPT and edited by the author for final publication.
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Akash Kashyap
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