Bitmart Hacked For $200m After Ethereum, Binance Smart Chain Exploit

The hackers took over 20 tokens, including altcoins such as BNB, Safemoon, BSC-USD, and BPay.

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Crypto exchange Bitmart reported losing almost $200 million in a hot wallet compromise hosted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.

Peckshield, a blockchain security, and data analytics agency, revealed the Bitmart hack by identifying a transfer of $100 million over the Ethereum blockchain.

An investigation by the team revealed a concurrent hack of $96 million from the crypto exchange’s BSC reserves:

The hackers made off with a mix of over 20 tokens including Binance Coin (BNB), Safemoon, BSC-USD, and BPay. Sizable amounts of meme coins such as BabyDoge, Floki and Moonshot were also compromised in the hack.

According to Peckshield, the hack was a straightforward case of transfer-out, swap, and wash:

Bitmart CEO Sheldon Xia later confirmed the hack over Twitter as a “large-scale security breach” on ETH and BSC hot wallets:

“At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 million.”

In what seems like an ongoing threat to the crypto ecosystem, cryptocurrency lending platform Celsius confirmed a loss of $50 million in the exploit of decentralized finance (DeFi) protocol BadgerDAO.

The first reports on BadgerDAO’s security breach surfaced on Dec. 02, with the protocol officially announcing that it received multiple exports of unauthorized withdrawals of user funds on Wednesday.

Taking preventive measures similar to Bitmart, the Badger team continued investigating the issue and paused all smart contracts on the protocol to avoid any further losses.

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