Bitmart lost $200 million in hacking by unknown attacker – Bitcoin News

Bitmart lost $200 million in hacking by unknown attacker – Bitcoin News


The cryptocurrency exchange Bitmart suffered an attack yesterday that used some security vulnerabilities to obtain funds from the exchange. The attack targeted the hot wallets of the platform, especially wallets based on the Ethereum and Binance smart chains. The hacker managed to take nearly $200 million in tokens from the platform.

Bitmart hot wallet is used

Bitmart lost more than $200 million in a hack involving its hot wallet yesterday.The problem was first discovered by the blockchain security and audit company Peckshield, namely improve Alerts about possible hot wallet vulnerabilities on social media.The wallets involved are those holding Ethereum And BSC-based tokens.

Bitmart representatives initially estimated the loss to be 150 million U.S. dollars, but PeckShield conducted an investigation into the funds occupied, stating loss Approximately 200 million U.S. dollars. Hackers attacked a large number of SHIB, SAFEMOON, SAND, MANA, etc. The incident affected the prices of some low-liquidity tokens listed on the exchange because the decentralized exchange liquidated a large number of tokens.

Bitmart recognize Circumstances and stated at the time that the losses caused by the attack accounted for a small portion of the exchange’s holdings. The company’s announcement stated:

influenced Ethereum Hot wallets and BSC hot wallets carry a small portion of assets on BitMart, and all of our other wallets are safe and undamaged. We are now undergoing a thorough security review, and we will release updates as we progress.

Funds washed away by a tornado

The exploiters quickly transferred funds to other platforms in order to mix the adopted cryptocurrency.According to Peckshield, all Binance Smartchain and Ethereum tokens are Exchanged For Ethereum use 1inch, a decentralized exchange platform, which is then sent to Tornado cash, An obfuscation protocol that allows users to make transactions difficult to track.

This is one of the more destructive attacks on centralized exchanges this year, and most of the risks have been transferred to decentralized finance (defi) platforms. Due to this situation, the exchange suspended all asset withdrawals until an investigation and a new security review were conducted on the platform and its vulnerabilities.

What do you think of the $200 million Bitmart exchange hacker attack? Tell us in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons

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