Cryptocurrency exchange Bitmart has emerged as the latest victim of a serious hack attack. In this attack, $196 million (approximately Rs 1,479 crore) was stolen from Bitmart allegedly stored in various cryptocurrencies. The stolen tokens were directed to an unknown hacker hiding under the pseudonym “Bitmart Hacker”. The breach, which occurred on the evening of Saturday, December 4, gained traction after security firm PeckShield posted about it on Twitter. According to PeckShield, the stolen Ethereum-based crypto assets were made for $100 million (about Rs 754 crores), with the remaining $96 million (about Rs 724 crores) of assets based on the Binance smart chain.
In a series of tweets, Peckshield shared screenshots of cryptocurrency which has been stolen in this breach.
The hack has also been acknowledged by Bitmart CEO Sheldon Xia, who tweeted that the incident was caused by a stolen private key containing two hot Purse Compromised. Internet powered hot wallets are linked by public and private keys to facilitate crypto transactions, acting as a security measure.
Xia also said that for the time being, Bitmart has opted to suspend all withdrawals until further notice.
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 time we are exhausting the possible methods still used. The hackers were able to extract assets worth approximately USD 150 million.
— Sheldon Xia (@sheldonbitmart) December 5, 2021
The received Ether tokens are being deposited into a privacy mixer called Tornado Cash, making the hacked funds difficult to trace.
An investigation has been launched to track down the hacker responsible for this Bitmart breach.
recently report good has revealed that the total crypto crime in 2020 was approximately $10.52 billion (approximately Rs 79,194 crore).
In October, a major hack attack cost an Ethereum-powered lending protocol called “Cream Finance” Worth of crypto assets.
Earlier in November, Federal Bureau of Investigation (FBI) Cyber scammers are using physical cryptocurrency ATMs and digital QR codes to complete malicious transactions to innocent people and defraud them of assets.