The Taiwanese crypto exchange was likely hacked, but hid the issue for more than three weeks.
By Wahid Pessarlay
Editor Hamza Tariq
Updated
2 mins read
BitoPro, a Taiwanese cryptocurrency exchange launched in 2018, is likely to have lost millions of dollars to a hack in early May, but hasn’t shared any official statements yet.
According to the on-chain investigator ZackXBT, BitPro was likely hacked for $11.5 million on May 8.
Do you want to explain to the community why multiple of your hot wallets saw suspicious outflows of ~$11.5M on May 8, 2025 where you still have not disclosed the security incident on X or Telegram several weeks later? pic.twitter.com/HlD0c93Or4
— ZachXBT (@zachxbt) June 2, 2025
The investigation shows that suspicious outflows have been recorded from the Taiwanese exchange’s TRON TRX $0.27 24h volatility: 0.6% Market cap: $25.79 B Vol. 24h: $441.90 M , Ethereum ETH $2 625 24h volatility: 0.6% Market cap: $316.85 B Vol. 24h: $15.26 B , Solana SOL $155.7 24h volatility: 3.4% Market cap: $81.38 B Vol. 24h: $3.45 B and Polygon MATIC $0.22 24h volatility: 0.8% Market cap: $323.66 M Vol. 24h: $1.48 M hot wallets.
Subsequently, the funds were transferred to Tornado Cash, a popular crypto mixer, or bridged to Bitcoin BTC $105 040 24h volatility: 0.3% Market cap: $2.09 T Vol. 24h: $26.06 B using THORChain, a decentralized cryptocurrency exchange known for its cross-chain capabilities.
The BTC coins were then moved into Wasabi, an open-source, privacy-focused Bitcoin wallet.
Notably, BitoPro is one of the leading exchanges in Taiwan with a daily trading volume of roughly $25 million.
BitoPro hasn’t officially announced the incident yet. The exchange has been consistently citing “maintenance” issues since May 9 in its official Telegram group chat.
Some of the BitoPro users have been complaining of having trouble with their deposits and withdrawals since the announcement of maintenance breaks.
User claiming account details were altered. Source: BitoPro official group chat
Following ZackXBT’s report, BitoPro’s community has been accusing the exchange of misleading the users with false “maintenance” breaks for almost a month.
Some suspect an insider behind missing funds. Source: BitoPro official group chat
Crypto hacks have been acting as a trust barrier for mainstream users. And it’s not just the smaller exchanges that have been losing funds to fraudulent actors.
In February, Bybit, a leading cryptocurrency exchange, witnessed a $1.5 billion hack. The company transparently pushed the recovery process and has reportedly returned its liquidity to the pre-hack levels.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
