BitMart CEO Reveals Details Of The Theft For $ 196 Million In Cryptocurrencies

Briefly:

  • BitMart disclosed details hacker attack
  • It turned out that the criminals stole the private key and used it to withdraw money
  • Victims will receive compensation

The head of the BitMart crypto exchange told details of the hacker attack, as a result of which users lost $ 200 million dollars.

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 Xia (@sheldonbitmart) December 5, 2000


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As it turned out, hackers stole the private key and attacked more 20 BSC tokens. As a result, they stole $ 116 million on the Ethereum blockchain and $ 38 million on Binance Smart Chain. These are assets such as SAFEMOON, X2P, FLNS, BabyDoge, HERO, STARSHIP, FLOKI, JULb, CMCX, GMR, SPE, BETU, GMEX, ZOE, MOONSHOT, BPAY, STACK, EnergyX, BSC-USD and BNB.

Then the hackers used the 1inch DEX aggregator, exchanged the stolen tokens for ether and transferred it all to Tornado Cash. It breaks the intranet connection between the sender’s address and the addressee through a smart contract. Therefore, it won’t be easy to trace the stolen funds.

By the way, Tornado Cash was also used as an anonymizer during the DeFi MonoX Finance hack early last week.

What’s next?

Affected users will receive full compensation at the expense of the crypto exchange. BitMart will release a gradual repayment schedule and open withdrawal operations soon. This is likely to happen tomorrow.

Huobi announced that it will help BitMart track the flow of assets to its exchange and will report matches with stolen funds.

Huobi will do our best to assist #BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner.

– Huobi (@HuobiGlobal) December 5, 2000

They will help BitMart strengthen cybersecurity.

By the way, the Incrypted channel has a video on how to properly store cryptocurrency, protect yourself from threats, and prevent basic beginner mistakes:

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