Bitmart Loses $200 Million Worth of Crypto to Hackers

• Cryptocurrency exchange Bitmart lost $196 million in various cryptocurrencies to hackers on Saturday night

• Peckshield estimated the losses to be $100 million in crypto assets on the Ethereum chain and $96 million on the Binance Smart Chain

• The hacked funds were deposited into privacy mixer Tornado Cash, making it difficult to track

Cryptocurrency exchange Bitmart announced on Saturday that it had suffered a hack that resulted in the loss of $196 million worth of cryptocurrencies.

According to estimations made by Peckshield, $100 million worth of coins were stolen on the Ethereum chain, while the remaining was on the Binance Smart Chain.

Some of the cryptocurrencies that were stolen during the hack are Safemoon, Floki, and Evergrow. Peckshield however confirmed that more amount of Safemoon was stolen.

The cyber security firm disclosed that the hack was simply a case of swap, transfer, and wash by the hackers.

Bitmart CEO, Sheldon Xia has disclosed that the team is still discovering the best method to use following the hack.

She added that withdrawals will be suspended on the platform and urged customers to remain patient while the hack is investigated.

Bitmart’s hack happened only a few days after decentralized finance (DeFi) protocol BadgerDAO lost $116.9 million to hackers.

The Badger team had to take similar precautions and paused withdrawals as the situation was examined.

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