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Bitmart lost $200 million in a hack involving Binance Smart Chain and Ethereum blockchains


www.cryptopolitan.com 05 December 2021 15:52, UTC
Reading time: ~2 m

• Cryptocurrency thefts become more frequent every day, alerting the crypto market.
• Bitmart lost around 50 cryptos between decentralized currencies and stablecoins.

The cryptocurrencies world is becoming more and more insecure due to thefts, hacks in exchanges, and the tokens promotion that be scams. On this occasion, the crypto platform Bitmart was the victim of a hack that caused it to lose considerable money. This new hack shows how easy it is to penetrate the security of one exchange, which was not the most perfect situation for many of their clients.

A security agent within Peckshield reported that more than $100 million worth of Ethereum tokens were stolen, while the exchange lost about $96 million worth of Binance Smart Chain tokens. The notes indicate that about 50 cryptos were mined.

Bitmart loses a lot of money amidst crypto theft

Bitmart, a cryptocurrency platform operating since 2017, has lost a large number of stored tokens following a cyber theft. The exchange available in over 13 countries suffered from losing 50 tokens, including Shiba Inu, Binance Coin, Saitama, Mana, BabyDoge, etc.

The hack was executed on Saturday, December 4, by some criminals who are so far unknown. These criminals stole some 893,755,205,648 Shiba Inu tokens with a total value of $32.7M. Eventually, the criminals stole about $6.8M in the Dogelon Mars token and $28.5 million in the Saitama token.

The Bitmart platform executive director announced on Twitter about the event, showing melancholy that his security, considered impenetrable, was bypassed by cyber thieves. Sheldon Xia, head of the Exchange, confessed that over $150 million in cryptocurrencies were stolen.

Crypto thefts on the rise in the decentralized market

As the decentralized market grows, crypto thefts are increasingly appreciated simultaneously. Bitmart has suffered from these attacks and other crypto platforms such as Poly Network, which lost more than $600 million in illegally mined cryptocurrencies by August.

After these problems, exchanges like Bitmart have promised to strengthen their security, so these attacks do not affect them again. Cybercriminals cling to cryptocurrencies because they do not share records, and their value is striking.

Although this crypto theft did not directly affect the token’s price, highlight each maintains value. Shiba Inu, meanwhile, is trading at $0.00003584 today with losing 3.88 percent of its value in the last 24 hours. But Saitama has lost over 17 percent of its capital on the day, which has prevented it from exceeding the $000000004686 range today.

Dogelon has also had a bearish streak in recent hours, causing it to trade at $0.000001141, according to data indicated by CoinMarketCap.


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