Security News > 2021 > December > Miscreants make off with $150m of digital assets in BitMart security breach

Cryptocurrency exchange BitMart has coughed to a large-scale security breach relating to ETH and BSC hot wallets.

"We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today. At this moment we are still concluding the possible methods used. Hackers were able to withdraw assets of the value of approximately 150 million USD," BitMart said.

"The affected ETH hot wallet and BSC hot wallet carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress," it added.

Wallets are used to keep these tokens secure, with a hot wallet connected to the internet while a cold wallet is not.

"Because hot wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft than cold storage methods," BitMart's site says.

On the other are critics drawn from a pool of those facing losses as well as the pile of folks who question why one would stash quite so many assets into a hot wallet.

News URL

https://go.theregister.com/feed/www.theregister.com/2021/12/06/bitmart_breach/