Business

Bitcoin and Ethereum Exchange Bitmart Hacked for $200 Million in Floki, BabyDoge and Other Tokens Amid Crypto Crash

CRYPTO Bitmart exchange has been hacked, suffering nearly $200 million in losses across various tokens.

PeckShield security researchers first discovered the cyberattack and estimated the exchange suffered $100 million in damage.

Hackers Targeted Cryptocurrency Exchange Bitmart

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Hackers Targeted Cryptocurrency Exchange BitmartCredit: Getty
Nearly $200 Million in Various Cryptocurrencies Was Hit in Cyber ​​Attack

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Nearly $200 Million in Various Cryptocurrencies Was Hit in Cyber ​​AttackCredit: Reuters

A further investigation from the team revealed a simultaneous $96 million hack of the crypto exchange’s BSC reserves.

Bitmart representatives initially claimed that the inflows were regular withdrawals, referring to reports of the hack as “fake news,” the reports. Coin table.

However, Bitmart founder and CEO Sheldon Xia later confirmed the incident in a press release Twitter notice: “We have identified a large-scale security breach involving one of our ETH hot wallets and one of our BSC hot wallets. At this point, we are still concluding the issues. methods can be used. The hackers were able to withdraw assets worth approximately $150 million.”

Xia added that the exchange is “conducting a thorough security review” and all withdrawals will be halted until “new notice”.

PeckShield first noticed something was amiss around 7:30 p.m. UTC when it detected too many outbound transfers.

It discovered a wide range of tokens, including meme tokens like Shiba (SHIB), plus $500,000 in stablecoin USDC.

Other affected altcoins include Binance Coin (BNB), Safemoon, BSC-USD and BNBBPay (BPay).

Coin meme such as BabyDoge, Floki and Moonshot were also compromised in the hack.

Other observers have pointed out that coins have also been deleted on the Binance Smart Chain blockchain.

The funds have been deposited Ethereum Tornado Cash mixing service, which will make it harder to track them, Cryptocurrency block report.

Read ours Cryptocurrency live blog for the latest news and updates…

The hack happened after a Bitcoin price crash where the cryptocurrency plummeted 16.5% on Saturday, down a fifth of its trillion-dollar value.

The drop came less than a week later Bitcoin hits a record high of over $69,000.

The sharp drop wiped out about $300 billion in value from the total electronic money market in just two days.

Bitcoin, number one electronic money reached a low market value of $51,808.54, according to CoinDesk data.

5 Risks When Investing in Cryptocurrencies

BELOW, we round up the five risks of investing in cryptocurrencies.

  • Consumer protection: Some crypto-based high-return promotional investments may not be subject to regulation beyond anti-money laundering requirements.
  • Price volatility: Significant price volatility in cryptocurrencies, combined with the inherent difficulties in valuing cryptocurrencies reliably, puts consumers at high risk of loss.
  • Product complexity: The complexity of some crypto-related products and services can make it difficult for consumers to understand the risk. There is no guarantee that cryptocurrency can be converted back to cash. Converting a cryptocurrency back into cash depends on the demand and supply available in the market.
  • Fees and charges: Consumers should consider the impact of fees and charges on their investment, which may be more than the impact of fees and charges on managed investment products.
  • Marketing materials: Companies can overstate product returns or minimize the risk involved.
Bitcoin has recently suffered a price drop

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Bitcoin has recently suffered a price drop
Crypto investor discusses bitcoin in 2011, before it gave him a life of luxury

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DevanCole

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