In Brief:
- Crypto exchange BitMart lost nearly $150 million in a large-scale security breach.
- The breach is related to hot wallets on the Ethereum and Binance Smart Chain blockchains.
- However, Peckshield has revealed that BitMart has been hacked for $200 million.
Crypto exchange BitMart lost nearly $150 million in a large-scale security breach related to hot wallets hosted over the Ethereum and Binance Smart Chain blockchains, as confirmed by the official statement today.
BitMart has assured that Ethereum hot wallet and Binance hot wallet form only a small percentage of assets on BitMart and that all other wallets are secure and unharmed.
BitMart has temporarily suspended withdrawals from wallets until further notice.
However, a report shared by Peckshield, a blockchain security and data analytics company revealed that that the loss is closer to $200 million.
Providing the list of the affected assets on the Binance Chain, Peckshield has further revealed that $100 Million has been lost on Ethereum and $96 Million on Binance Smart Chain.
Peckshield has also informed that a mix of more than 40 tokens have been compromised including BabyDoge, Floki, Shiba Inu, Safemoon, BPay, and so on.
The hack has been attributed as a typical case of a “transfer-out, swap and wash”.
This implies that hackers have first transferred the funds out of Bitmart, following which they have apparently used ‘1inch’ (a decentralized exchange aggregator) to exchange the stolen tokens for ether. After this, the ether coins were placed into a privacy mixer called ‘Tornado Cash’, which makes the money untraceable.
Of late there has been a torrent of scams and frauds in the crypto world. Just a few days back, Google had warned about hackers using compromised cloud accounts to mine crypto.