BitMart cryptocurrency exchange hacked, loses $100 million

BitMart cryptocurrency exchange hacked, loses $100 million

The exchange was forced to halt withdrawals after its platform was compromised

Attacks in the cryptocurrency space have not ceased to be a daily occurrence. As the growth of this industry advances, the harsher the consequences seem to be. BitMart, a well-known cryptocurrency exchange, seems to have been the latest to fall victim to these crimes, reporting an attack last week and resulting in the loss of approximately $150 million in cryptocurrencies.

One of the top 30 cryptocurrency exchanges globally, BitMart, confirmed last Saturday that it had lost around $150 million in an attack and temporarily suspended withdrawals until further notice. Third-party blockchain security and data analytics company PeckShield Inc. has estimated the losses at nearly $200 million and detailed a list of outflows that included about $100 million in losses from various crypto assets on the Ethereum blockchain and $96 million in losses from assets using the Binance smart chain. The stolen loot apparently included assets of nearly 50 tokens, including Binance Coin, Safemoon and Shiba Inu.

Through BitMart’s official Telegram channel, it claimed that withdrawals from those wallets were not out of the ordinary but later admitted to the attack via the CEO’s Twitter feed. Following the hack, the BitMart exchange’s native token has fallen 9.7% in the last 24 hours and now stands at $0.323248. Peckshield has revealed from its own investigation of the attack that the hacker withdrew funds from active wallets and exchanged them for ETH using the DEX 1inch aggregator.

The tricky thing to track is that the funds subsequently went to the Ethereum Tornado Cash Blend service. Even so, investigators are doing what is necessary to get an answer and take responsibility for all users who were affected.

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