BitMart, a crypto exchange platform, is hacked and lost $196 million in different cryptocurrencies, according to Coindesk‘s report. The intruders were able to access both the Ethereum and Binance wallets, then they began transferring funds at 2:30 pm ET on December 4th.
BitMart hacked: $196 million lost
The BitMart founder, Sheldon Xia, was quick to reassure the public that only a “small percentage” of the company’s assets were at risk.
1/3 We have identified a large-scale security breach related to one of our ETH hot wallets and one of our 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 millions.
— Sheldon Xia (@sheldonbitmart) December 5, 2021
The stolen funds have been transferred to an Ethereum mixing service. This service makes it very difficult to trace where the money went. But to be honest, crypto thieves aren’t always that smart.
For example, in August, Poly Network suffered one of the biggest hacks in history. The blockchain connection platform saw its security breached and with it the loss of more than $600 million. Then, the hacker has returned all the money.