BitMart – the popular cryptocurrency exchange is the latest to fall victim to a “large-scale” security breach.
Crypto exchange BitMart has become the latest trading platform to fall victim to a large scale DeFi hack. BitMart today confirmed the platform had suffered a “large-scale security breach,” and suspended all withdrawals. The company’s chief executive took to Twitter to confirm that $150m worth of assets had been lost from hot wallets which stored user funds on Binance Smart Chain and the Ethereum chain.
The hack was first reported by Peckshield, a blockchain security and data analytics company. Their representatives estimated that the losses total $100 million (~£75 million) in various cryptocurrencies on the Ethereum chain, and $96 million (~£73 million) on Binance Smart Chain. Sizable amounts of meme coins such as BabyDoge, Floki and Moonshot were also compromised in the hack.
Peckshield said the hack was a simple case of swap, transfer, and wash. Bitmart CEO, Sheldon Xia later confirmed on Twitter that the hack concerned ETH and BSC hot wallets.
She said, “Our team is still determining the best method to use at this moment. Around $150 million in assets were withdrawn by the hackers. Until further notice, we are temporarily suspending withdrawals. If you could be patient with us during this time, we would greatly appreciate it. Please accept our sincere thanks.”
Meanwhile the Badger team continued investigating the issue and paused all smart contracts on the protocol to avoid any further losses.