Crypto exchange Bitmart feared loss of $200 million in assets in hack attack

Cryptocurrency exchange Bitmart has been the victim of a major hack attack. In this, various cryptocurrencies have been allegedly stolen worth $ 196 million (about Rs 1,479 crore). The stolen tokens have been sent to unknown hackers with the forged identities of “Bitmart Hacker”. The attack happened on Saturday. Investigation has been started to nab the hacker who attacked this.

Security firm PeckShield has given information about this hack attack on Twitter. It has been told that the value of stolen Ethereum-based crypto assets is $100 million (about Rs 754 crore). Apart from this, assets worth $ 96 million (about Rs 724 crore) based on Binance Smart Chain have been stolen. Bitmart CEO, Sheldon Xia has also acknowledged the hack attack. He tweeted that it happened through a stolen private key. It has been stolen from two hot wallets. Internet powered hot wallets are linked with public and private keys to facilitate crypto transactions. Along with this, they also work as a measure of security.

Xia said that Bitmart has suspended all withdrawals until further notice. As reported by NewsRoomPost, Lynch, a decentralized exchange aggregator, has been used by hackers to exchange Ether tokens for stolen assets. These Ether tokens are being deposited into a private mixer called Tornado Cash. This is making it difficult to trace the hacked assets.

A recent report said that crypto crimes worth around $10.52 billion (about Rs 79,194 crore) were committed last year. The US Federal Bureau of Investigation (FBI) said in November that cybercriminals are tricking people with low knowledge into using physical cryptocurrency ATMs and digital QR codes to commit fraud. Ethereum-powered lending protocol, Cream Finance, lost $130 million in crypto assets in October in a major hack attack. In November, a hack attack on DeFi protocol Badger DAO revealed the loss of $120 million (about Rs 900 crore) worth of Bitcoin and Ethereum.

For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.

Related news