Bitmart loses $ 200 million in hack by unknown attackers

Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities to access the exchange’s funds. The attack targeted the platform’s hot wallets, specifically Ethereum and Binance Smart Chain-based wallets. The hackers managed to take almost $ 200 million in tokens from the platform.

Hot Bitmart wallets exploited

Bitmart has lost more than $ 200 million in a hack that involved its hot wallets yesterday. The problem was first identified by Peckshield, a blockchain security and auditing company, which raised the alarm about a possible hot wallet vulnerability on social media. The wallets involved were the ones with ETH and BSC-based tokens.

Bitmart representatives estimated the losses at $ 150 million initially, but PeckShield investigated the funds taken and said the losses were around $ 200 million. The hack required significant amounts of SHIB, SAFEMOON, SAND, and MANA, among others. The event affected the price of some low liquidity tokens that are listed on the exchange, due to the liquidation of large amounts of these on decentralized exchanges.

Bitmart acknowledged the situation and at the time stated that losses due to the attack represented a small portion of the exchange’s holdings. An announcement from the company read the following:

“The affected ETH active wallet and BSC active wallet have a small percentage of assets on BitMart and all of our other wallets are safe and undamaged. We are now conducting a comprehensive security review and will release updates as we proceed. “

Funds ravaged by tornadoes

The exploiters moved the funds to other platforms quickly, with the intention of mixing the cryptocurrencies taken. According to Peckshield, all of the Binance Smart Chain and Ethereum tokens were exchanged for Ethereum using 1-inch, a decentralized exchange platform, and then sent to, an obfuscation protocol that allows users to make transactions less susceptible to tracking.

This is one of the most devastating attacks on a centralized exchange this year, with much of the risk that exploits have moved onto decentralized finance platforms (defi). As a result of this situation, the exchange has suspended withdrawals of all assets until it conducts an investigation and a new security review of the platform and its vulnerabilities.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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