BitMart Exchange Has Lost $196M in a Hack, Promises to Compensate Users

Bitmart exchange has lost over $196 million worth of assets in an attack involving private keys theft.

According to BitMart CEO Sheldon Xia, the hackers were able to access hot wallets on Ethereum and Binance Smart Chain and stole $100 million and $96 million worth of various crypto assets from each of them, respectively.

The hack was initially revealed by blockchain security firm Peckshield on Twitter. At first, Bitmart called that information fake news, but hours later confirmed the hack took place.

Later, Xia promised that the exchange is going to compensate all users who suffered from the hack. Bitmart expects to renew its deposit and withdrawal functions gradually on December 7, 2021.

To complete the heist, the hacker swapped stolen assets for Ether on a decentralized exchange aggregator 1inch after which used the Tornado Cash service to hide their identity.

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