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Bitmart crypto exchange suffers a security breach and lost nearly $196 million

Deepanker Verma December 6, 2021 Cryptocurrency, Security

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Cryptocurrency trading platform BitMart is the latest victim of a security breach. The company has confirmed it has lost $150 million in various cryptocurrencies. BitMart’s CEO and founder, Sheldon Xia, confirmed the breach on Twitter.

1/3 We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. 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 millions.
— Sheldon (@sheldonbitmart) December 5, 2021

The company also issued a statement confirming that all wallets, except ETH and BSC, are “secure and unharmed.” Bitmart has also temporarily suspended all withdrawals until further notice.

“The affected ETH hot wallet and BSC hot wallet carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress,” the company said in a statement.

Although the company claims that the loss amounted to a total of $150 million, a blockchain security research company PeckShield estimated a greater loss. It said that Bitmart lost $100 million in ETH and $96 million in BSC.

Interesting from @BitMartExchange …😳😳😳 🙏🙏🙏 https://t.co/dFrzSww0fs pic.twitter.com/GuDB7bt2eC
— PeckShield Inc. (@peckshield) December 5, 2021

BitMart is a global digital assets trading platform based in the Cayman Islands. It was launched back in March 2018 and now has over 5.5 million users worldwide.

Now when more people are turning to Cryptocurrencies, we are seeing several crypto hacking incidents with million dollars crypto loss. This incident that involves $196 million in losses is also one of the most devastating centralized exchange hacks to date.

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About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.