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Bitmart Faces Massive Hack, Reportedly Suffers Nearly $200 Million Loss

The company has decided to suspend withdrawals until further notice in an effort to bounce back from the incident.

Hacker
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Bitmart has reportedly been the target of a huge hack. A hacker was able to take a sum total of $196 million from the platform over the weekend. This theft has left quite a horrible impact as it’s being called “one of the most devastating centralized hacks to date” according to a report from Coindesk.

Bitmart made a statement regarding the incident, and said “We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today,” and added that “At this moment, we are still concluding the possible methods used. Hackers were able to withdraw assets of the value of approximately 150 million USD.”

On the other hand, PeckShield, a third-party security platform reports that the loss is estimated to be a lot closer to $200 million, instead. PeckShield tracked the losses to be $100 million in numerous cryptocurrencies on the Ethereum blockchain and $96 million on Binance Smart Chain.

The ETH and BSC hot wallets carry a small percentage of assets on Bitmart and all other assets are still secure and unharmed according to the company. , Bitmart says. In the meantime, the platform has decided to suspend any withdrawals until further notice.

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