Bitmart, a cryptocurrency exchange hacked, suffers losses worth $196 million – TCR

• Bitmart has lost $ 196 million in multiple cryptocurrencies, making it the most damaging centralized exchange gap to date.
• The hacker has been routinely trading stolen assets for cryptocurrency ether using a 1-inch decentralized exchange aggregator, then depositing the ETH into the Tornado Cash privacy mixer via a secondary address.
• They are currently working on the details of the many approaches that can be employed.

Bitmart has lost $ 196 million in multiple cryptocurrencies, making it the most damaging centralized exchange gap to date. The alleged attack was initially revealed Saturday night by security analytics firm Peckshield in a tweet.

One of Bitmart's addresses currently shows regular withdrawals of full token balances, some worth tens of millions of dollars, to an address known as Bitmart Hacker by Etherscan. Peckshield assessed the damage at $ 100 million in different cryptocurrencies on the Ethereum network and $ 96 million in Binance Smart Chain in a follow-up tweet.

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The hacker has been routinely trading stolen assets for cryptocurrency ether using a 1-inch decentralized exchange aggregator, then depositing the ETH into the Tornado Cash privacy mixer via a secondary address, causing the money to be hijacked. more difficult to monitor. Bitmart staff first stated that the exits were normal withdrawals on an official Telegram channel, dismissing the reports of the hack as fake news.

Bitmart CEO Sheldon Xia finally admitted that the departures were actually the consequence of a security compromise hours later. Sheldon Xia, the founder and CEO of the company, later acknowledged the issue on Twitter and wrote that a large-scale security compromise was discovered involving one of our active ETH wallets and one of our active BSC wallets.

They are currently working on the details of the many approaches that can be employed. Hackers were able to seize assets worth around $ 150 million. The exchange is conducting a thorough security investigation, according to Xia, and all withdrawals are halted until further notice. PeckShield initially detected an unusually high number of outbound transfers around 7.30pm UTC. It was discovered that as of 4.30pm EST, various tokens were transferred from BitMart's active wallet. Among the tokens were large amounts of meme tokens, such as Shiba, as well as half a million dollars in USDC stablecoin.