Bitmart allegedly suffered a hack that resulted in the loss of around $200 million in assets.

Bitmart, a cryptocurrency exchange, has been hacked. In this hack, Bitmart allegedly lost $196 million (approximately Rs. 1,479 crore) in cryptocurrency. The stolen tokens were sent to the anonymous hacker(s) known as “Bitmart Hacker.”

After security firm PeckShield announced the hack on Twitter on Saturday evening, December 4, it gathered traction. According to PeckShield, the stolen Ethereum-based crypto assets were $100 million (approximately Rs. 754 crores), while the rest $96 million (about Rs. 724 crores) was made up of Binance Smart Chain assets.

PeckShield posted screenshots of the coins taken in the hack in a series of tweets.

Sheldon Xia, the CEO of Bitmart, has also admitted the attack, tweeting that the issue was triggered by a stolen private key, which led to the vulnerability of two hot wallets.

Hot wallets that are driven by the internet are linked with public and private keys to make crypto transactions easier while also serving as a security measure.

Xia also stated that Bitmart has decided to halt all withdrawals till further notice.
According to NewsRoomPost, the hackers swapped stolen money for Ether tokens via a decentralized exchange aggregator named “1inch.”

The stolen Ether tokens are placed into Tornado Cash, a privacy mixer that makes it impossible to track down the stolen cash.

The hacker responsible for the Bitmart breach has been identified, and investigations have begun.

According to recent research, overall crypto crime will reach $10.52 billion in 2020. (roughly Rs. 79,194 crores).

A significant cyber assault in October lost the Ethereum-based lending protocol “Cream Finance” millions of dollars in cryptocurrency.

The FBI claimed earlier this month that cybercriminals are tricking individuals into using physical cryptocurrency ATMs and digital QR codes to carry out harmful transactions and defraud them of their money. 

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