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Bitmart Lost $200M In A Hot Wallet Compromise Hosted Over Ethereum And Binance Smart Chain

Bitmart, the crypto exchange, has lost nearly $200 million in a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.

It has been reported that the $200 million Bitmart hack was first revealed by Peckshield, a blockchain security and data analytics company that initially identified a transfer of roughly $100 million over the Ethereum blockchain.

However, the hackers made away with a mix of over 20 tokens that includes altcoins such as Binance Coin (BNB), Safemoon, BSC-USD, and BNBBPay (BPay). Sizable amounts of meme coins such as BabyDoge, Floki, and Moonshot were also compromised in the hack.

Sheldon Xia, the CEO of Bitmart, said:

“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.”

The report said that in what seems like an ongoing threat to the crypto ecosystem, cryptocurrency lending platform Celsius confirmed a loss of $50 million in the exploit of decentralized finance (DeFi) protocol BadgerDAO. The first reports on BadgerDAO’s security breach surfaced last Thursday with the protocol officially announcing that it received multiple exports of unauthorized withdrawals of user funds on Wednesday.

Thus, by taking preventive measures similar to Bitmart, the Badger team continued investigating the issue and paused all smart contracts on the protocol to avoid any further losses.

Source: Cointelegraph



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