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Hacked Crypto Exchange BitMart to Compensate All Victims

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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 
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 
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 
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 
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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