Bitmart has lost an estimated total of $196 million in various cryptocurrencies in what the crypto exchange CEO Sheldon Xia on Sunday called a large-scale security breach related to one of it’s ETH hot wallets and BSC hot wallets.
A tweet from security analysis firm Peckshield, CoinDesk reported, first called attention to the alleged hack Saturday night. One of Bitmart’s addresses currently shows steady outflows of entire token balances, some worth tens of millions of dollars, to an address currently labeled by Etherscan as the “Bitmart Hacker”
In a follow-up tweet, Peckshield estimated the losses to be $100 million in various cryptocurrencies on the Ethereum chain, and $96 million on Binance Smart Chain.
The hacker has been systematically using decentralized exchange aggregator 1inch to swap the stolen assets for the cryptocurrency ether (ETH), and using a secondary address to deposit the ETH into privacy mixer Tornado Cash thus making the hacked funds harder to track.
In an official Telegram channel, Bitmart representatives initially claimed that the outflows were routine withdrawals, referring to the reports of the hack as “fake news.”
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