Saturday, June 25, 2022

Trading Platform Bitmart has been hacked with estimate USD 196 million loss

Image source: cryptoitunes.com

A group of hackers reportedly hacked the cryptocurrency online trading site BitMart and stole $196 million worth of assets.

The hacking case was first revealed by the security company Peckshield on Saturday (4/12). The company noted that BitMart addresses showed steady outflows of tens of millions of dollars to addresses Etherscan called “BitMart Hackers”.

Peckshield estimates BitMart lost around $100 million in cryptocurrencies on the Ethereum blockchain and another $96 million in coins on the Binance smart chain.

The hackers escaped with at least 20 crypto tokens, including Binance, Safemoon, and Shiba Inu.

Quoted from Engadget, BitMart confirmed the hack through a statement on Saturday night. BitMart called the hack a “large-scale security breach” and stated that the hackers stole approximately US$150 million in assets.

That number differs from Pekcsheild’s analysis which estimates that hackers managed to steal nearly $200 million worth of crypto assets from BitMart.

Until now, BitMart admitted that it was not clear what method the hackers used. However, Peckshield describes the hack as easy enough and is a classic case of “transfer-out, swap, and wash.”

Image source: crypto-radars.com

BitMart said the hacked Ethereum and Binance currency “hot wallets” smart chain only stole a “small percentage” of the exchange’s assets.

Meanwhile, Peckshield said the hackers took assets from BitMart and appeared to be using a decentralized exchange aggregator known as “1 inch” to exchange the stolen tokens for ether. From there, the ether coins are stored in a privacy mixer known as Tornado Cash, which makes the cryptocurrency more difficult to track.

BitMart states that all other wallets are “safe and unharmed”.

Crypto traders, says BitMart, can store various tokens in “hot”, “cold” wallets, or a combination of the two

Hot wallets are connected to the internet and allow owners of crypto coins to easily sell and buy their assets.

BitMart is a cryptocurrency trading platform that offers a mix of transactions such as leveraged futures trading. This platform also provides lending and staking services.

According to CoinGecko, BitMart is one of the largest cryptocurrency trading institutions based on the volume of assets currently parked on the platform.

Apart from BitMart, a recent wave of hacking has also targeted a number of cryptocurrency transaction platform institutions. Last week, valley crypto lender Celsius Network admitted to losing funds to a hack. However, they did not reveal how much the lost funds were stolen by the hackers.

In August, a hacker also stole more than $600 million worth of tokens from cryptocurrency platform Poly Network. Surprisingly, the hackers then returned almost all the assets they stole.

Tongku Aidil Syahputra
Hello, it's me, lol. Still a new writer here, anyways. i always had a big passion in writing, i do hope i can show you how big my passion is through my writing

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