Hackers exploit BitoPro crypto exchange, $11.5M vanish amid silence

The BitoPro crypto exchange is embroiled in controversy after blockchain sleuth ZachXBT uncovered $11.5 million in suspicious outflows from its hot wallets on May 8. Despite the alarming transactions, which spanned Ethereum, Tron, Solana, and Polygon, the exchange has yet to publicly address the incident, leaving users in the dark.

$11.5M drained: Hackers target BitoPro crypto exchange

Onchain data reveals the stolen funds were funneled through decentralized exchanges (DEXs), then either mixed via Tornado Cash or bridged to Bitcoin using THORChain, tactics commonly used by hackers to obscure trails. The BitoPro crypto exchange reportedly announced “maintenance” on May 9, but users complain of lingering withdrawal issues, particularly with USDT.

ZachXBT’s investigation highlights the exchange’s silence: “BitoPro has not disclosed the security incident on X or Telegram several weeks later.” Cointelegraph’s requests for comment went unanswered.

BitoPro’s delayed response fuels user frustration

The lack of transparency from the BitoPro crypto exchange contrasts sharply with industry norms, where rapid breach disclosures are expected. While competitors like Coinbase and Binance routinely flag suspicious activity, BitoPro’s radio silence raises red flags about its risk protocols.

One affected trader lamented: “If they won’t even acknowledge the hack, how can we trust them with our assets?”

Crypto security crisis deepens: Exchanges under fire

The BitoPro crypto exchange breach is part of a worrying trend. Just weeks later, decentralized exchange Cetus lost $220 million, though validators recovered $162 million via a governance vote. Experts warn that hackers are increasingly targeting exchanges and DeFi protocols as crypto adoption grows.

Key happenings from the BitoPro exploit

1. $11.5M stolen: Funds moved to DEXs, mixers, and Bitcoin bridges.

2. No official statement: BitoPro’s silence undermines trust.

3. Withdrawal issues persist: Users report frozen USDT transactions.

Will BitoPro crypto exchange recover from this blow?

The BitoPro crypto exchange now faces a critical juncture. To regain confidence, it must audit its security, reimburse affected users, and adopt real-time monitoring tools. Until then, traders are advised to exercise caution with the platform.

As the crypto community demands accountability, the BitoPro crypto exchange’s next move—or lack thereof—could determine its survival in an industry where trust is paramount.