Cryptocurrency

Bitrue hack leads over 7% QNT dump in 4 hours

Quant (QNT) token price dropped 7.6% in a matter of hours on April 14 due to the Bitrue (BTR) exchange hack.

Seeing the sudden price drop, the cryptocurrency community suspected a hack around 06:00 UTC on April 14th.

The Bitrue team is an official news At 10:00 UTC, he said he noticed “a simple exploit in one of the hot wallets at 07:18 UTC.”

The announcement said:

“We were able to quickly address this issue and prevent further exploitation of funds. We take this matter very seriously and are currently investigating the situation. We were able to withdraw approximately USD 23 million worth of assets in QNT, GALA, SHIB, HOT and MATIC currencies.”

To allay panic, the Bitrue team also added that the wallet contains less than 5% of Bitrue’s total funds. This announcement has assured the community that all other wallets are secure.

However, the team has stated that they would like to double-check all wallets to ensure full security.

dump

according to crypto slate According to the chart, the decline of QNT token started at $127.28 at 01:00 UTC on April 14th. By 05:00 UTC on the same day, QNT price fell to $117.59, down 7.6%.

QNT to USD (Source: CryptoSlate)

At the time of writing, QNT is trading at around $121.05. Current prices reflect a decline of -0.81% and -4.16% over the last 7 and 30 days respectively.

Crypto Twitter Saw It Coming

The fact that this drop occurred when Bitcoin (BTC) broke above $30,000 has led the community to question whether there was a hack, as the majority of altcoins have surged with the help of BTC. Now

crypto influencer Crypto Nagato He shared the QNT price drop on his Twitter account, saying that the price fell as thousands of QNT tokens were sold within hours from a single wallet. He also mentioned that he still holds 28,000 tokens in a wallet that sold thousands of his QNT.

CryptoNagato posted this tweet at 06:13 UTC stating that they expected the wallet to sell the remaining 28,000 QNT and further drop the price. However, according to crypto slate According to the data, the QNT price rose around 05:00 UTC on April 14th.

The post of Bitrue’s hack leading a 7% QNT dump in 4 hours first appeared on CryptoSlate.

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