Over $200 million in crypto hacked in BitMart exchange

BitMart crypto exchange announced on December 4, that it has suffered a hack, resulting in the loss of over $200 million worth of cryptocurrencies.

Blockchain security firm PeckShield firstly estimated that the crypto exchange had been hacked for $100 million.

In addition, founder and CEO Sheldon Xia also confirmed the incident later on Twitter. He says,

"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 million."

Moreover, Xia added that the exchange is conducting an absolute security review and that all withdrawals are suspended until further notice.

Expanding further, PeckShield first noticed an excessive amount of outbound transfers at 7.30 PM UTC. The company discovered that a series of tokens had been sent out of BitMart's hot wallet, from 4.30 PM EST. Among these digital assets, there are meme tokens like Shiba Inu (SHIB), and half a million dollars in the stablecoin USDC.

Further, other reports also mentioned that funds have also been removed on the Binance Smart Chain (BSC) blockchain as well, which could raise the number of funds that have been taken.