Blockchain security firm SlowMist has identified a critical vulnerability in the cryptocurrency exchange HitBTC, raising alarms about potential risks to user funds. Despite reaching out to HitBTC in advance, SlowMist has yet to receive a response, prompting the firm to issue a public alert. This incident marks the third recent instance where SlowMist has struggled to establish contact with exchanges after identifying security threats. Previously, similar warnings were issued to Azbit and ICRYPEX Global, both of which also failed to respond promptly. HitBTC, a long-standing exchange registered in the British Virgin Islands, recently reported a trading volume exceeding $110 million within 24 hours. The issue highlights ongoing security challenges in the crypto industry, with SlowMist’s 2025 report documenting significant financial losses due to security incidents. Experts emphasize the need for exchanges to have clear communication channels for reporting vulnerabilities and to respond swiftly to potential threats. SlowMist has played a crucial role in recovering stolen funds, underscoring the importance of robust security measures in the crypto space.
Is HitBTC ignoring security warnings from SlowMist?
