Bitmart Exchange Falls Victim To Large-Scale Security Breach

The well-known Bitmart Exchange falls victim to a large-scale security breach in a hack that ended up draining $200 million in various cryptocurrencies from the platform as we can see more today in our cryptocurrency news.

Bitmart confirmed that it was hacked with some early estimations indicating that the amount drained was around $200 million in various cryptocurrencies. Sheldon Xia as a founder and CEO of the exchange said that the company has suspended the withdrawals temporarily.
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The users on Twitter started to complain about a security breach against Bitmart earlier on December 5 before the company confirmed the news a while later.

Total estimated loss: ~200M (~100M on @ethereum and ~96M on @BinanceChain ). (Previously we only counted the loss on @ethereum). And here is the list of affected assets/amounts on @BinanceChain pic.twitter.com/cXXApDFtd7

— PeckShield Inc. (@peckshield) December 5, 2021

The statement described the event as a large-scale security breach related to one of the ETH wallets and one Binance Smart Chain hot wallet. The company promised that the funds contained in the wallets are only a small chunk of the assets on Bitmart and other wallets are secure and unharmed. Bitmart noted that the hackers were able to drain about 0 million worth of several cryptocurrencies.
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Another report on the blockchain security and data analytics resource PeckShield showed that the amount was actually closer to $200 million, $100 million on ETH, and $96 million on BSC. The company then provided a list of the affected assets.

Bitmart confirmed the hack and Sheldon Xia said that the withdrawals are temporarily suspended but this was not the case initially. PeckShield showed a few chats on Telegram where the admin from Bitmart refuted the allegations that the exchange was indeed hacked.

As recently reported, the BadgerDAO DeFi project has just been hacked out of $120 million and after the attack, the developers paused their smart contracts in order to assess the damage. The BadgerDAO Defi project is a decentralized autonomous organization that is working on bringing Bitcoin to decentralized finance which fell victim to a hack attack that resulted in the loss of over $120 million. The Initial reports suggested the number of user funds drained of the protocol was $10 million but the data PeckShield data security company shows that the actual losses are much higher. According to PeckShield, the total losses amounted to $120.3 million.

The core developer added that once the problem is identified, the team froze all vaults to prevent the movement of funds while trying to see where all the approvals come from and how many people have them as well as what the next steps are