Bitmart, an exchange for cryptocurrency, was the victim of an attack that took advantage of security holes to access its funds yesterday. This attack was directed at the platforms hot wallets, specifically Ethereum and Binance Smart Chain wallets. The attackers managed to steal almost $200 million worth of tokens from this platform.
Bitmart Hot Wallets Exploited
Bitmart lost over $200 million yesterday in hacking that affected its hot wallets. Peckshield (a company that audits and secures blockchains) first discovered the issue. raisedThe alarm was raised on social media about possible wallet vulnerabilities. These wallets held ETH- and BSC token-based tokens.
Bitmart representative estimated that the losses were $150 million at first, but PeckShield later conducted an investigation and found the funds had been taken. lossesThey were estimated to be around $200 million. It took large amounts of SHIB and SAFEMOON, SAND and MANA among other things. Due to large quantities of tokens that were not liquidated on exchanges, the event had an impact on their prices.
Bitmart recognized the problem and said at the time that only a portion of exchange holdings was affected by the attacks. According to the company, this announcement was made:
BSC hot wallet and ETH hot hot wallet are affected. However, all other BitMart wallets are safe and secure. As part of our ongoing security review, we are currently conducting an extensive one. We will keep you posted on any developments.
In an attempt to mix the crypto, the hackers moved the money quickly to different platforms. Peckshield stated that the Binance Smart Chain was used to transfer all Ethereum tokens. exchangedUsed 1inch as an exchange platform to exchange ethereum and were then transferred to Tornado.cash. An obfuscation protocol which makes transactions more difficult to trace, Tornado.cash is used to send the transaction to Tornado.cash.
This attack on a centralized stock exchange is the most severe of this kind. Many of the risks of exploits have moved to decentralized finance platforms (defi). This situation led to the suspension of withdrawals from all assets by the exchange until the company conducts an investigation, a security review and fixes any vulnerabilities.
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