BitMart restarts ETH Withdrawals and Deposits, after 3 days of the attack

After three days, Bitmart exchange resumed its crypto deposit and withdrawal services for its users. 

Three days back, Bitmart exchange faced a hack attack and reportedly lost more than $200 million worth of crypto assets from its hot wallet. 

Now after that attack, today Bitmart exchange announced that Ethereum, Bitcoin, and Solana withdrawal will be started. 

Sheldon Xia, CEO of Bitmart exchange, wrote on Twitter that 

“We will begin resuming deposits and withdrawals for ETH and related tokens. The schedule is as follows: ERC20 deposits: 12/7/2021 10:00 PM (EST). ERC20 withdrawals: 12/7/2021 11:00 PM (EST). Other tokens will follow closely. We thank you for your patience and understanding.”

According to the published blog post by the Bitmart crypto exchange, the company is now changing all the deposit addresses of Bitcoin, Ethereum, and Solana. And also urged users to log out and log in again to make sure that they are using the right address to deposit the funds. 

Attack on Bitmart and support by Shiba community 

In the hack attack, the majority of the crypto assets included $100 million of Ethereum and around $96 million of BSC tokens. 

Last day, Shiba Inu’s official Twitter account tweeted in support of the Bitmart crypto exchange to give sympathy and support in this measurable situation. That can be seen in the tweet.

Before this hacking attack, Badger DAO also faced a hack attack, in which Celsius alone lost around $50 million worth of Bitcoins. 

However, BadgerDAO was a decentralized exchange and Bitmart is centralized. This is a strange thing that happened with a centralized exchange because decentralization has not fully evolved yet and probably the Defi industry will take more time to present it perfectly. But here centralized exchanges are much old in this industry and they should be in very better conditions against security issues. 

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