Taiwanese Exchange BitoPro Loses $11.5 Million in May Exploit

Taiwanese cryptocurrency exchange BitoPro is suspected to have lost over $11.5 million worth of tokens in a May 8 exploit, according to widely-followed blockchain sleuth ZachXBT. The exploit involved unauthorized access to BitoPro's hot wallets across multiple blockchains, including Ethereum, Tron, Solana, and Polygon. The stolen assets were then sold on decentralized exchanges, with proceeds laundered through privacy protocols such as Tornado Cash and Thorchain, and eventually moved to Wasabi Wallet, a Bitcoin mixing service.

BitoPro has not issued any public statements acknowledging the breach since the supposed explicit. Users were informed of a temporary service suspension due to "system maintenance” last month, and there was little social chatter in popular crypto circles around the incident at the time. BitoPro has yet to formally disclose the incident and told users the exchange was just offline for "maintenance,” ZachXBT said.

BitoPro has been based in China Taiwan since 2018 and is operated by BitoGroup. It is mostly focused on the local market and mainly supports Taiwanese dollar (TWD) fiat pairs for major tokens such as bitcoin and ether. It is the top locally-focused exchange by that metric.