Bitmart Exchange Stolen by Hackers Worth $150 Million in Cryptocurrency 48 tokens on the Ethereum and BSC hot wallet platforms were affected. All withdrawals from the exchange will be suspended until further notice.
Popular cryptocurrency exchange Bitmart suffered a massive security breach on Saturday. The company’s CEO confirmed that hackers had escaped $150 million worth of cryptocurrency. Hackers targeted Bitmart’s Ethereum and BSC hot wallets to extract 48 different tokens, including SHIB, MANA, BNB, BUSD, Safemoon, Floki, BabyDoge, GMEX, and more.
Network security analyst Peckshield first discovered the hack on Twitter. Peckshield has noticed a steady influx of large token balances from certain Bitmart addresses. This address is now displayed as “Bitmart Hacker” on Etherscan.
PeckShield reported the hack on Saturday.
Initially, the company denied the claim and called it “fake news” because several users contacted support for clarification. However, the hack was later confirmed on Twitter by the company’s CEO Sheldon Xia. In response to hackers, Bitmart suspended all withdrawals until further notice as the platform is investigating procedures for this security breach.
Bitmart Hackers Will Increase Concerns About Cryptocurrency Security
The scale of this hack has become one of the largest cryptocurrency hacks to date. But that’s not the only hack reported this week. Earlier this week, the DeFi wallet BadgerDAO was hacked for $10 million, dropping its native tokens below 15%.
Earlier this month, Binance faced DogeCoin withdrawal issues as user accounts were suspended due to unauthorized withdrawal requests. While this is not a security breach, it increases the complexity faced by cryptocurrency exchanges.
In the Bitmart hacker, the hacker used a DEX aggregator 1inch to exchange the stolen coins for ETH. According to PeckShield, the hackers used a secondary wallet address to deposit the entire converted ETH amount into Tornado Cash, effectively rendering the funds untraceable.
This is a similar cryptocurrency hacking pattern found in several cases this year. Earlier this year, a hacker unanimously used Tordano Cash to steal $150 million worth of cryptocurrency from the popular exchange KuCoin.
The global cryptocurrency market has already suffered a major crash and will continue this week or even this month. This kind of hacking will boost investors’ FUD growth. Users have many concerns about insurance for lost assets. Platforms like Binance and Coinbase offer insurance against security breaches. However, it is unclear whether Bitmart users will receive the same benefits.
Information source: 0x information compiled from CRYPTOPOLITAN. Copyright belongs to author Mohammad Shahid and may not be reproduced without permission
