Security News > 2021 > December > Crypto-Exchange BitMart to Pay Users for $200M Theft

Cryptocurrency exchange BitMart has pledged to dig into its own pocket to pay back users affected in a cyberattack that drained it of about $150 million worth of cryptocurrencies, according to a tweet put out by BitMart CEO Sheldon Xia on Monday.

2/4 BitMart will use our own funding to cover the incident and compensate affected users.

On Saturday, BitMart announced that attackers had stolen a private key and compromised two of the exchange's hot wallets on the Ethereum blockchain and the Binance smart chain, making off with approximately $150 million worth of assets in a "Large-scale security breach."

Bitmart hasn't figured out exactly how the attackers pulled off the breach, but what happened after was pretty straightforward, according to Peckshield: It was a classic case of "Transfer-out, swap and wash."

The infographic depicts funds being transferred out of BitMart, after which the thieves apparently used the decentralized exchange aggregator known as 1inch to exchange the stolen tokens for Ether.

The BitMart heist is just the latest in a string of attacks that have targeted cryptocurrency platforms including Poly Network, Cream Finance, Liquid and bZx.

News URL

https://threatpost.com/crypto-exchange-bitmart-theft/176805/