Bitmart hacked: almost $200M in losses

Sun 05 Dec 2021 ▪ 11h19 ▪ 2 min read — by Katie Donaldson

Cryptocurrency exchange Bitmart has fallen prey to hackers. The attack resulted in a $196 million (~£148 million) loss. According to exchange’s officials, a large-scale security breach related to Bitmart’s hot wallets has been identified.

A devastating security breach

The hack was first reported by Peckshield, a blockchain security and data analytics company. Their representatives estimated that the losses total $100 million (~£75 million) in various cryptocurrencies on the Ethereum chain, and $96 million (~£73 million) on Binance Smart Chain.

A Bitmart address, later labeled by Etherscan as the “Bitmart Hacker”, was showing steady outflows of entire token balances at some point. Some of them were worth tens of millions of dollars.

The attack was later confirmed by Bitmart CEO Sheldon Xia on Twitter.

According to Xia, the crypto exchange has organised a thorough security check following the event. All withdrawals have been temporarily suspended until further notice.

Hackers focused on Shiba Inu (SHIB), USD stablecoin (USDC), Safemoon (SAFEMOON), Floki Inu (FLOKI), Binance Coin (BNB), and Evergrow (EGC). They used 1inch, a decentralized exchange aggregator, so that they could exchange the stolen assets for Ethereum (ETH); a secondary address was utilised to deposit ETH into privacy mixer Tornado Cash in order to make the funds harder to track.

Bitmart has been battered in a brutal $196 million (~£148 million) centralised exchange hack due to Ethereum and Binance Smart Chain exploits.

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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