Crypto Exchange Bitmart Hacked With Estimated Losses at Nearly $200 Million – SafeMoon, BabyDoge and BNB Included

Crypto Exchange Bitmart Hacked With Estimated Losses at Nearly $200 Million – SafeMoon, BabyDoge and BNB Included

Crypto Exchange Bitmart Hacked With Estimated Losses at Nearly $200 Million - SafeMoon, BabyDoge and BNB Included

Crypto exchange Bitmart lost nearly $200 million in a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.

The $200 million Bitmart hack was first revealed by Peckshield, a blockchain security and data analytics company that initially identified a transfer of roughly $100 million over the Ethereum blockchain.

Further investigation from the team revealed a concurrent hack of $96 million over the crypto exchange’s BSC reserves:

The hackers made away with a mix of over 20 tokens that includes altcoins such as Binance Coin (BNB), Safemoon, BSC-USD and BNBBPay (BPay). Sizable amounts of meme coins such as BabyDoge, Floki and Moonshot were also compromised in the hack. 

According to Peckshield, the hack was a straightforward case of transfer-out, swap, and wash:

Transfer of stolen tokens on Bitmart. Source: PeckShield

Bitmart CEO Sheldon Xia later confirmed the hack over Twitter as a “large-scale security breach” on ETH and 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.”


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