BitMart hacked, estimated loss worth $200 Million
BitMart, a digital asset exchange platform and founded in 2018, has been hacked, as confirmed by the firm in a blog post. With another major hack that happened in a single week, investors are worried about their hard-earned cash. The estimated loss amounts to $196 million as the firm conducts its investigation.
BitMart investigating the hack
BitMart is currently investigating the hack as per their blog post. The platform "identified a large-scale security breach related to one of" their ETH hot wallets and BSC hot wallets as per the post. The post confirmed that around $150 million worth of funds had been lost due to the breach.On the other hand, a popular Twitter account posted that over $200 million worth of funds comprised.
"BitMart was hacked today for over $200M, making it one of the largest crypto exchange hacks in history," said Mr. Whale in his tweet.Another Twitter user confirmed the news claiming that the BitMart hackers are using 1inch to sell everything for Ether (ETH) and then sending everything to Tornado Cash, a non-custodial Ethereum and ERC20 privacy solution.
The exchange suspended network withdrawals until the situation cleared. A BitMart address shows a steady outflow of tokens to an address titled "BitMart Hacker" on Etherscan.
Sheldon Xia, the CEO of the BitMart crypto exchange, took to Twitter to announce the event. He stated that all other wallets except a small percentage of ETH and BSC wallets are unharmed.
"We are now conducting a thorough security review, and we will post updates as we progress," said Xia in the tweet.
Similar cases
There has been a rise in crypto-related hacks as of late. A few days ago, BadgerDAO was hacked, and more than $130 million were lost. The hackers compromised the front-end of the platform as a single transaction wiped off 900 WBTC (50 million USD). According to the on-chain data, Celsius might've been part of the BadgerDAO hack.BitMart's hack is one of the many cases for 2021 and adds to the $10.5 billion in losses seen during 2021, as per a report by Elliptic.
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