XRP Investor Loses Thousands in Alleged Bitrue Hack, Sparks Outrage Online

A member of the XRP and Flare communities has reported the loss of thousands of XRP tokens from his Bitrue account, triggering a wave of concern and frustration across crypto circles. The user, known as “PapaBear,” claimed the tokens were removed without his authorization shortly after being deposited.

According to PapaBear, the unauthorized withdrawal involved 2,045 XRP, worth around $4,764 at the time. He confirmed that he did not initiate the transaction and described the receiving wallet as unfamiliar.

Also Read: Hyperliquid Price Prediction 2025–2029: Can HYPE Hit $47.50 Soon?

He highlighted that his account was protected with multiple security features, including two-factor authentication via Google Authenticator, email verification through Gmail, and a personal six-digit PIN. These measures, he said, made external compromise unlikely, raising suspicions about internal access or insider involvement.

The issue was shared publicly on Twitter through a post by PapaBear, along with a video and a series of tweets outlining the event. In his posts, he claimed Bitrue attributed the incident to a hacking attempt but failed to offer detailed support or investigation updates.

PapaBear also alleged that others had reported similar unauthorized fund movements on Bitrue. He pointed to this pattern as evidence of broader unresolved security issues within the platform.

Past Security Breaches Add to User Concerns

Bitrue has a history of major security incidents. In 2019, the platform lost $4.2 million worth of XRP and ADA due to a compromised hot wallet.

In 2023, another breach resulted in the loss of approximately $23 million across multiple digital assets, including Ethereum and Shiba Inu. While Bitrue claimed to have reimbursed affected users in past incidents, the recent report has reignited fears about the platform’s internal controls.

Some users have previously accused the exchange of manipulating asset prices to liquidate leveraged trades. Although not verified, these accusations have hurt user trust and contributed to the issue of transparency.

Bitrue is located in Seychelles, which has been accused of having inadequate regulatory control. This has also contributed to the lack of belief in the platform’s authenticity and aptitude for dealing with security issues.

Bitrue had yet to release an official statement on the new allegations at the time of this report. Influential local Eri Chan has urged other users who had suffered the same problems to come forward, piling fresh pressure on the exchange to respond.

The reported XRP theft from PapaBear’s Bitrue account has stirred outrage within the crypto community. As more users raise alarms, attention is now turning toward Bitrue’s record and calls for greater accountability are gaining momentum.

Also Read: Michael Saylor Predicts Bitcoin Will Hit $1 Million After Sharp Price Rebound

 

The post XRP Investor Loses Thousands in Alleged Bitrue Hack, Sparks Outrage Online appeared first on 36Crypto.