XRP Holder Loses Thousands of Tokens on Bitrue. Here’s What Happened

A recent complaint from a prominent member of the XRP and Flare communities has brought renewed scrutiny to Bitrue, a Singapore-based cryptocurrency exchange. The user, known online as “PapaBear,” alleges that thousands of XRP tokens were removed from his Bitrue account without his authorization, raising concerns about the platform’s internal security. Investor Reports Loss of Over 2,000 XRP The incident involved a reported loss of 2,045 XRP, valued at approximately $4,764. PapaBear stated that the transaction occurred shortly after he deposited the tokens for trading purposes. He emphasized that he did not initiate the withdrawal and that the destination address was unfamiliar. He further clarified that his account was protected by multiple layers of security, including two-factor authentication via Google Authenticator, email verification through Gmail, and a six-digit PIN known only to him. Given the complexity and sensitivity of these security measures, he believes it is unlikely that a third party could have independently accessed all of them. This led him to suspect that the incident may have involved internal compromise or insider involvement at Bitrue. https://twitter.com/PapabearXRP/status/1932620805491536345 PapaBear’s concerns gained further traction after he posted a video and several tweets detailing the experience. He claimed Bitrue attributed the event to a hacking incident but failed to provide sufficient assistance or follow-up support. He also pointed out that other users have experienced similar unauthorized withdrawals on the platform, suggesting a broader pattern of unresolved security incidents. Prominent XRP advocate Eri Chan responded to the posts by encouraging other affected users to come forward, indicating a growing movement within the community to demand accountability from the exchange. Bitrue’s Troubled Security History Bitrue, which launched in 2018 with a focus on XRP trading , now supports over 700 cryptocurrencies across more than 1,100 trading pairs. Despite its growth, the platform has faced several security challenges and user complaints. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 In 2019, the exchange reported a breach in which $4.2 million worth of XRP and ADA were stolen due to a firewall vulnerability that exposed one of its hot wallets. Bitrue stated at the time that affected customers would be fully compensated. A second major security breach occurred in 2023, resulting in a $23 million loss across multiple assets, including Ethereum and Shiba Inu. Beyond these exploits, Bitrue has also faced allegations of market manipulation . Some users claim that asset prices on the platform are occasionally altered in ways that appear to force the liquidation of leveraged positions. These accusations, while unproven, have contributed to concerns about transparency and fair trading on the platform. Regulatory and Operational Concerns Bitrue is registered in Seychelles, a jurisdiction often associated with limited regulatory oversight. The lack of supervision from a recognized financial authority has amplified skepticism about the exchange’s credibility, especially in light of the ongoing user complaints and past breaches. At the time of reporting, Bitrue has not issued an official statement regarding PapaBear’s allegations or the broader claims of missing funds from multiple users. The absence of a formal response has left many in the community seeking alternative platforms and calling for greater regulatory scrutiny. The recent events involving Bitrue serve as a reminder of the potential risks associated with centralized exchanges, particularly those lacking strong regulatory oversight and transparency in handling customer concerns. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Holder Loses Thousands of Tokens on Bitrue. Here’s What Happened appeared first on Times Tabloid .

Source: TimesTabloid