BitMart, the crypto exchange that was hacked recently, is going to compensate all the victims from its own funds, the platform’s Founder and CEO, Sheldon Xia announced on Monday.
“BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed,” Xia wrote.
The crypto exchange was hacked on Saturday with a major ‘security breach’, resulting in the theft of $196 million worth of cryptocurrencies. Hackers stole $100 million worth of digital currencies on the
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term blockchain, while the rest $96 million was stolen from Binance Smart Chain.
The Initial Denials
The attack was first reported on Sunday by the crypto-security firm, Peckshield. It pointed out outflows of entire token balances, some worth tens of millions of dollars, from BitMart wallet addresses.
However, the exchange slammed Peckshield’s claims initially, saying that the outflows were routine withdrawals. But, the CEO publicly confirmed the hack hours later following the denial.
“In response to this incident, BitMart has completed initial security checks and identified affected assets. This security breach was mainly caused by a stolen
private key
Private Key
Private keys or secret keys are defined as a string of characters used with an algorithm to both encrypt and decrypt code. The primary application of this alphanumeric key is designed to send or access cryptocurrency securely.As its name suggests, secret keys are only shared with the key’s generator, helping provide a layer of security against hackings or theft.Private keys are stored in digital wallets. When a cryptocurrency transaction is initiated, the wallet generates a digital signature using the private key. This ensures that a transaction is valid, because the only way to send a transaction is to use a legitimate digital signature. In essence, the entity or individual in charge of a cryptocoin’s private key is the effective owner of that coin. If a user permanently loses access to their private key, they permanently lose access to their funds.Private Keys ExplainedPrivate key encryption is referred to as symmetric encryption. As such, the same private key is used for both encryption and decryption purposes. A private key is complex by nature and therefore composed of long, randomly generated number that cannot easily be replicated or guessed. Since only one key is involved, the process is fast and simple.Private keys can be stored in hot (internet-connected) wallets or cold (non-internet-connected) wallets, or printed on paper. However, private keys must be entered into an internet-connected device in order to send a cryptocurrency transaction.Private keys should be changed frequently to avoid being leaked or stolen. This is the greatest issue associated with such levels of encryption. Proper measures should be taken to ensure private keys stay out of the wrong hands.
Private keys or secret keys are defined as a string of characters used with an algorithm to both encrypt and decrypt code. The primary application of this alphanumeric key is designed to send or access cryptocurrency securely.As its name suggests, secret keys are only shared with the key’s generator, helping provide a layer of security against hackings or theft.Private keys are stored in digital wallets. When a cryptocurrency transaction is initiated, the wallet generates a digital signature using the private key. This ensures that a transaction is valid, because the only way to send a transaction is to use a legitimate digital signature. In essence, the entity or individual in charge of a cryptocoin’s private key is the effective owner of that coin. If a user permanently loses access to their private key, they permanently lose access to their funds.Private Keys ExplainedPrivate key encryption is referred to as symmetric encryption. As such, the same private key is used for both encryption and decryption purposes. A private key is complex by nature and therefore composed of long, randomly generated number that cannot easily be replicated or guessed. Since only one key is involved, the process is fast and simple.Private keys can be stored in hot (internet-connected) wallets or cold (non-internet-connected) wallets, or printed on paper. However, private keys must be entered into an internet-connected device in order to send a cryptocurrency transaction.Private keys should be changed frequently to avoid being leaked or stolen. This is the greatest issue associated with such levels of encryption. Proper measures should be taken to ensure private keys stay out of the wrong hands.
Read this Term that had two of our hot wallets compromised. Other assets with BitMart are safe and unharmed,” Xia wrote on Twitter on Monday.
The attacker used a decentralized exchange (DEX) aggregator, 1inch to swap the stolen tokens into Ether, and then used a secondary address to send the Ether to a privacy mixer, Tornado Cash to make them harder to track.
Moreover, he confirmed that the team is now in the process of retrieving security setups and operations, asking time for making ‘proper arrangements’. Furthermore, he assured that the exchange will restart deposit and withdrawals from December 7, the details of which will be announced ‘soon’.
Meanwhile, crypto exchanges remain the hot targets of cybercriminals. Last month, the DeFi lending and borrowing platform, Cream Finance lost $130 million to hackers in a flash loan attack.
BitMart, the crypto exchange that was hacked recently, is going to compensate all the victims from its own funds, the platform’s Founder and CEO, Sheldon Xia announced on Monday.
“BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed,” Xia wrote.
The crypto exchange was hacked on Saturday with a major ‘security breach’, resulting in the theft of $196 million worth of cryptocurrencies. Hackers stole $100 million worth of digital currencies on the
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term blockchain, while the rest $96 million was stolen from Binance Smart Chain.
The Initial Denials
The attack was first reported on Sunday by the crypto-security firm, Peckshield. It pointed out outflows of entire token balances, some worth tens of millions of dollars, from BitMart wallet addresses.
However, the exchange slammed Peckshield’s claims initially, saying that the outflows were routine withdrawals. But, the CEO publicly confirmed the hack hours later following the denial.
“In response to this incident, BitMart has completed initial security checks and identified affected assets. This security breach was mainly caused by a stolen
private key
Private Key
Private keys or secret keys are defined as a string of characters used with an algorithm to both encrypt and decrypt code. The primary application of this alphanumeric key is designed to send or access cryptocurrency securely.As its name suggests, secret keys are only shared with the key’s generator, helping provide a layer of security against hackings or theft.Private keys are stored in digital wallets. When a cryptocurrency transaction is initiated, the wallet generates a digital signature using the private key. This ensures that a transaction is valid, because the only way to send a transaction is to use a legitimate digital signature. In essence, the entity or individual in charge of a cryptocoin’s private key is the effective owner of that coin. If a user permanently loses access to their private key, they permanently lose access to their funds.Private Keys ExplainedPrivate key encryption is referred to as symmetric encryption. As such, the same private key is used for both encryption and decryption purposes. A private key is complex by nature and therefore composed of long, randomly generated number that cannot easily be replicated or guessed. Since only one key is involved, the process is fast and simple.Private keys can be stored in hot (internet-connected) wallets or cold (non-internet-connected) wallets, or printed on paper. However, private keys must be entered into an internet-connected device in order to send a cryptocurrency transaction.Private keys should be changed frequently to avoid being leaked or stolen. This is the greatest issue associated with such levels of encryption. Proper measures should be taken to ensure private keys stay out of the wrong hands.
Private keys or secret keys are defined as a string of characters used with an algorithm to both encrypt and decrypt code. The primary application of this alphanumeric key is designed to send or access cryptocurrency securely.As its name suggests, secret keys are only shared with the key’s generator, helping provide a layer of security against hackings or theft.Private keys are stored in digital wallets. When a cryptocurrency transaction is initiated, the wallet generates a digital signature using the private key. This ensures that a transaction is valid, because the only way to send a transaction is to use a legitimate digital signature. In essence, the entity or individual in charge of a cryptocoin’s private key is the effective owner of that coin. If a user permanently loses access to their private key, they permanently lose access to their funds.Private Keys ExplainedPrivate key encryption is referred to as symmetric encryption. As such, the same private key is used for both encryption and decryption purposes. A private key is complex by nature and therefore composed of long, randomly generated number that cannot easily be replicated or guessed. Since only one key is involved, the process is fast and simple.Private keys can be stored in hot (internet-connected) wallets or cold (non-internet-connected) wallets, or printed on paper. However, private keys must be entered into an internet-connected device in order to send a cryptocurrency transaction.Private keys should be changed frequently to avoid being leaked or stolen. This is the greatest issue associated with such levels of encryption. Proper measures should be taken to ensure private keys stay out of the wrong hands.
Read this Term that had two of our hot wallets compromised. Other assets with BitMart are safe and unharmed,” Xia wrote on Twitter on Monday.
The attacker used a decentralized exchange (DEX) aggregator, 1inch to swap the stolen tokens into Ether, and then used a secondary address to send the Ether to a privacy mixer, Tornado Cash to make them harder to track.
Moreover, he confirmed that the team is now in the process of retrieving security setups and operations, asking time for making ‘proper arrangements’. Furthermore, he assured that the exchange will restart deposit and withdrawals from December 7, the details of which will be announced ‘soon’.
Meanwhile, crypto exchanges remain the hot targets of cybercriminals. Last month, the DeFi lending and borrowing platform, Cream Finance lost $130 million to hackers in a flash loan attack.
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