Bitmart Crypto Exchange Confirms $150M Hack

Late Saturday night, cryptocurrency exchange – BitMart – announced that it had suffered a hack attack that resulted in more than $150 million U.S. equivalent stolen from one of its Ethereum and Binance Smart Chain (BSC) hot wallets. BitMart CEO and founder Sheldon Xia confirmed the exfiltration occurred in this series of three messages posted to his Twitter account.

It’s been reported that one of BitMart’s wallet addresses currently displays repeated moves of token balances out of the account, with some of those transactions in the range of tens of millions of dollars. Etherscan has currently labeled the destination address as “BitMart Hacker.”

The exfiltrated funds comprised a collection of tokens including various meme coins such as Shiba Inu and others. It also reportedly included more than a half million worth of USDC stablecoins

On The Flipside

  • BitMart is the latest in a series of security breaches executed against “hot wallets” on centralized exchanges.
  • Hot wallets are digital accounts that are on-chain and susceptible to theft and exfiltration from hackers connected directly to the Internet.

Why You Should Care?

The only way to ensure the maximum level of safety and security for your cryptocurrency assets is to store the private keys offline on a paper or in a digital “cold wallet.” The most reliable “cold wallets” where you are the primary custodian are either from Trezor or Ledger. Only buy devices directly from the manufacturers’ websites.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tor Constantino

Tor Constantino is a former journalist, consultant and current corporate comms executive with an MBA degree and 25+ years of experience - writing about cryptocurrencies and blockchain since 2017. His writing has appeared across the web on Entrepreneur, Forbes, Fortune, CEOWorld and Yahoo!. Tor's views are his own and do not reflect those of his current employer.