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If you trade crypto on BitMart, bad news – they were hacked, $196 million stolen

Trading has currently been halted on the platform.

bitcoin cryptocurrency on table
Image: Unsplash

BitMart, a crypto trading platform, suffered a large security breach last week, having over $150 million stolen in Ethereum assets and other cryptocurrencies.

According to BitMart (thanks, CNBC), hackers “were able to withdraw assets of the value of approximately 150 million USD.” Data analytics firm Peckshield says that number is closer to $200 million, however.

It’s unclear if the stolen funds were from BitMart’s own wallet addresses or if users had assets stolen. In the meantime, the platform has suspended trading.

Obviously, the hackers did their due diligence to move the crypto in a way that wouldn’t get them caught. According to Peckshield, hackers used different methods, including “Tornado Cash” to make it more difficult to trace.

Sheldon Xia, founder of BitMart, went to Twitter to say “BitMart will use our own funding to cover the incident and compensate affected users.” This makes it seem that at least a part of the stolen crypto came from users’ wallets.

BitMart also announced on Twitter today that Xia would be holding an AMA on Telegram tonight at 8PM EST. The Telegram AMA will share more information regarding the security breach.

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Former KnowTechie editor.

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