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Wednesday, January 19, 2022

Bitmart Has Pledged To Reimburse Its Hack Victims

The 5th of December saw Bitmart, a cryptocurrency exchange, losing out on $200 million through a hot wallet compromise hosted by the blockchain of Ethereum. This breach was first discovered by blockchain security firm Peckshield where the cybersecurity team highlighted that the nefarious third parties were able to sponge in close to $100 million through the blockchain of Ethereum, which was followed by another hack of around $96 million through the BCS reserves of the crypto exchange. 

Bitmart Has Lost Close To $200 million

Currently, it has been seen that regulatory uncertainty continue to plague the global ecosystems of digital assets, and there are quite a few anti-crypto proponents who would continue to gear into the fact that the industry has a long way to go before it could secure itself in a way that would seem comparable to the institutionalized financial system. Now, with the Bitmart hack coming to light, most of the individuals have been provided with even more firepower. 

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The hackers managed to accrue close to 20 tokens including a number of altcoins such as SafeMoon, Binance Coin, BSC-USD, and BNBBPay. They were also able to wrack up decent quantities of other meme tokens such as Floki Inu, Baby DogeCoin, and Moonshot. As per the security team of PeckShield, the entire scheme could easily be attributed to a simple transfer-out, wash, and swap maneuver. 

In order to get a better understanding of what actually went through, Cointelegraph decided to reach out to Bitmart. A spokesperson for the platform stated that as soon as the breach was found out, the firm decided to take action by completely shutting down several systems to limit any sort of immediate harm- which included halting token withdrawals whilst stopping users from trading quite a few pairs.

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