BitoPro Crypto Exchange Suffers $11M Theft, Enhances Security and Assures User Fund Protection
BitoPro, a leading Taiwan-based cryptocurrency exchange, reported a major security breach resulting in the theft of over $11 million in crypto assets from an old hot wallet during a system upgrade in May 2025. The breach was exposed by blockchain investigator ZachXBT, who noted that the stolen funds were rapidly laundered through decentralized exchanges and privacy mixers like Wasabi Wallet. In response, BitoPro swiftly halted all deposits and withdrawals to contain losses, replenished lost assets from its reserves, and migrated holdings to new secure wallets. The company also highlighted that user funds were protected throughout the incident, with trading operations remaining uninterrupted. Collaborating with third-party cybersecurity firms and law enforcement, BitoPro is actively tracking the stolen funds and working to further strengthen its security protocols. The majority of user assets continue to be stored in offline cold wallets, reducing future risk. BitoPro has pledged to fully compensate affected users and is prioritizing enhanced transparency by publishing new wallet addresses. This incident underscores persistent vulnerabilities in the crypto exchange sector and the importance of robust security measures and rapid incident response to protect trader assets and maintain market trust.
Bearish
The news of BitoPro losing over $11 million to a security breach is a negative development for the exchange and could undermine trader confidence in its platform, at least in the short term. Such incidents typically lead to increased withdrawal activity, tighter regulatory scrutiny, and potential sell-offs, especially as traders assess operational risks and the reputation impact. However, BitoPro’s quick action to compensate users, migrate wallets, and enhance security somewhat mitigates the longer-term impact. Similar past incidents have shown short-term price or volume drops for affected platforms or their listed tokens, but markets often stabilize once transparent recovery steps are demonstrated. The overall sentiment remains bearish for BitoPro in the immediate aftermath, as security concerns outweigh confidence until full resolution and trust is restored.