Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit

Bitmart, one of the largest cryptocurrency exchanges in South Africa was recently hacked for $200 million following a series of exploits that used Ethereum and Binance Smart Chain technology. The hack has caused many to question if these types of hacks are just around the corner as more companies implement blockchain solutions into their business systems.

The “bitmart hack safemoon” is the largest cryptocurrency theft to date. Bitmart, a South African Bitcoin exchange, has been hacked for $200M following an Ethereum and Binance Smart Chain exploit.

A hot wallet breach housed on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains cost Bitmart over $200 million.

Peckshield, a blockchain security and data analytics firm, first discovered the $200 million Bitmart breach when it discovered a $100 million transfer over the Ethereum blockchain.

The team’s further research discovered a concurrent $96 million compromise of the crypto exchange’s BSC reserves:

Total loss estimated at $200 million (100 million on @ethereum and 96 million on @BinanceChain). (Previously, we merely kept track of @ethereum losses.) On @BinanceChain, here’s the list of impacted assets/amounts: pic.twitter.com/cXXApDFtd7

December 5, 2021 — PeckShield Inc. (@peckshield)

The hackers made off with a collection of over 20 tokens, including BNB, Safemoon, BSC-USD, and BPay. The attack also exposed a large number of meme currencies, including BabyDoge, Floki, and Moonshot. 

The hack, according to Peckshield, was a simple instance of transfer-out, swap, and wash:

Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit

Sheldon Xia, the CEO of Bitmart, subsequently acknowledged the attack on Twitter, calling it a “large-scale security compromise” affecting ETH and BSC hot wallets:

“At the moment, we’re still deciding on the best approaches to utilize.” The hackers were able to get their hands on assets worth about USD 150 million.”

3/3 Withdrawals are now being temporarily halted until further notice. In this scenario, we ask for your patience and understanding. Thank you so much for everything.

December 5, 2021 — Sheldon Xia (@sheldonbitmart)

Celsius, a cryptocurrency loan business, is said to have been harmed by the BadgerDAO hack.

In what seems to be a continuous danger to the crypto ecosystem, cryptocurrency lending provider Celsius announced a $50 million loss as a result of the BadgerDAO decentralized finance (DeFi) protocol’s vulnerability.

The initial complaints of a security vulnerability involving BadgerDAO appeared on December 2, with the protocol publicly declaring on Wednesday that it has received several exporters of illicit withdrawals of user cash.

To minimize any more losses, the Badger team proceeded to investigate the problem and halted all smart contracts on the protocol, similar to Bitmart.

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Bitmart was hacked for $200M following an Ethereum, Binance Smart Chain exploit. The hackers were able to steal around $1.7 million in Bitcoin and Bitmart tokens from the exchange. Reference: bitmart hacked reddit.

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