BitMart crypto exchange confirms hack resulting in loss of $ 150 million in crypto

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The crypto exchange BitMart said on Saturday night that it was hacked, resulting in the loss of $ 150 million in crypto.

Security researchers PeckShield initially estimated that the exchange was hacked for $ 100 million.

Founder and CEO Sheldon Xia later confirmed the incident, writing on Twitter: “We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. . At the moment, we are still in the process of concluding the possible methods. Used. The hackers were able to remove assets worth approximately $ 150 million. “

Xia went on to write that the exchange is “undergoing a thorough security review” and all withdrawals are on hold until “further notice.”

At 7:30 p.m. UTC, PeckShield first noticed an excessive amount of outgoing transfers. He revealed that a range of tokens had been sent from BitMart’s hot wallet, starting at 4:30 p.m. EST. These tokens included large amounts of even tokens like shiba (SHIB), plus half a million dollars in the USDC stablecoin.

Other commentators have pointed out that funds have also been removed from the Binance Smart Chain blockchain, which could increase the amount of funds that have been withdrawn.

The funds have been sent to the Ethereum Tornado Cash mixing service, which will make it more difficult to track.

This last minute report has been updated with additional information, including its title.

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