Hack attack on Bitmart, lost $200 million

Bitmart crypto exchange faced a hack attack. In the attack, the exchange lost multiple crypto assets. 

Bitmart is a Cayman-based crypto exchange and launched in 2018. This crypto exchange is centralized. And popularity is known for strict rules to prohibit even a single illicit transaction. 

On 5 December, Bitmart faced a hacking attack. In the very starting, Peckshield, a blockchain security and data analytics company, encountered this attack on the exchange. 

In the very starting, According to PeckShield, Bitmart exchange lost around $100 million worth of crypto assets. And further investigation of PeckShield revealed that Bitmart also lost an additional $96 million. 

As we can see that there are several crypto assets in the stolen funds. But the success of the hackers was based on the attack on Ethereum and the BSC network based hot wallets, which ended up in huge losses. 

Crypto assets stolen are mainly Binance Coin (BNB), Safemoon, BSC-USD, and BPay. Meme coins were also included in this list, these are BabyDoge, Floki, and Moonshot.

PeckShield said that this hacking attack was associated with a bug. After the attack on the bug, hackers transferred funds and then swapped on the one-inch exchange. 

Hack attack on Bitmart, lost $200 million 1
Transfer of stolen Bitmart tokens. Source: PeckShield

Sheldon Xia, CEO of Bitmart, later informed about this matter on Twitter and said that due to a security breach, a hacking attack took place. 

“At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 million.”

Recently, the Celsius network also confirmed that BadgerDAO also faced a hacking attack. A single attack on the network lost around $50 worth of wrapped bitcoins ( BTC or rBTC). 

Read also: El Salvador buys 200 Bitcoins in a crypto market crash