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Bitmart exchange gets hacked losing around $190 million

Bitmart exchange gets hacked, losing around $196 million in different cryptocurrencies. This is one of the largest hacks in the crypto world and has been really devastating for Bitmart. The hack was reported by PeckShield as they monitored steady outflow of crypto tokens to an address labeled as the “Bitmart Hacker”. A lot of people lost their tokens, and the BitMart exchange CEO confirmed the hack on Twitter.

The hack

Peckshield tweeted regarding the hack, estimating around $196 million in losses. Of this, $100 million was in various cryptocurrencies from the Ethereum Chain, and the rest was on the Binance Smart Chain. It is also getting very difficult to track the funds because the hacker has swapped the tokens on 1inch to ETH. After that, the hacker used a privacy mixer, Tornado Cash, to prevent tracking. So, it seems like this hack’s intent was to steal the crypto funds and not to showcase the security bug.

This is sad because the last time we heard about such a big hack, it was around $600 million on the MATIC blockchain, and the hackers returned the stolen funds. But Bitmart seems to be in bad luck, and I hope they fix the security bug really soon. The bad part is that the BitMart Telegram group admin has been saying this is fake news while the CEO has admitted that they were hacked. Sharing wrong information with one’s users is not the right thing to do, and I am sure they will get a backlash for the same.

Tokens stolen

Bitmart is popular for listing new meme coins and any new tokens that come out. This is the reason all the stolen coins were meme coins. It is also the reason why hackers are converting everything to ETH.

I am not particularly a big fan of BitMart, and I also think it’s best to avoid most crypto exchanges. Using the most popular ones like Binance helps to be much safer from hacks like these. What are your thoughts on the same? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: SEC Chairman Gary Gensler doesn’t like Bitcoin’s approach to finance.



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