Crypto Exchange 'Bitmart' Gets Hacked for About $200 Million

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Evening

So crypto hack spree continues, as the centralized exchange Bitmart lost nearly $200 million worth crypto from its hot wallets on Saturday night.

The Bitmart hack was first brought to attention by blockchain security and data analytics company, Peckshield. Initial estimate by Peckshield identified outflow of $100 million worth token over Ethereum blockchain to an address labeled by Etherscan as “Bitmart Hacker”.

However after further investigation, Peckshield also revealed transfer of over $96 million worth crypto tokens on Binance Smart Chain(BSC).

All in all the hacker got away with a mix of 20 tokens like Binance Coin, Safe Moon, BSC-USD and BNBBPay etc. The hacker has been systematically swapping stolen assets to Ethereum using decentralized exchange 1Inch and is using a secondary address to deposit the ETH into privacy mixer Tornado Cash, which makes the funds even harder to track.

Bitmart CEO, Sheldon Xi confirmed the hack over twitter and said all the withdrawals are temporarily suspended for now until the security breach has been identified and patched.

Bitmart's $196 million worth hack marks one of the most fierce exploit in the history of centralized crypto hacks. For now it is safer to assume that funds are lost for good and there is no news about compensation plan for affected parties.