Millions Of Dollars Lost In Bitmart Security Breach
Bitmart lost hundreds of millions of dollars in a cyber attack. Online wallets on the Ethereum and Binance Smart Chain were breached in the attack. Blockchain security and data analytics company Peckshield were the first to get on the trail and disclose a breach.
Peckshield noted only the Ethereum wallet breach in their first report, estimating a loss of about $100 million. They later confirmed that when the Ethereum breach happened, there was also a breach on the Binance Smart Chain. Their data showed that $96 million was lost on the Binance Smart Chain too. Peckshield puts the total loss on the exchange at around $200 million.
A breakdown posted by Peckshield online showed that the total sum was taken in a heist of about 20 different coins. The tokens included a fair amount of altcoins and meme coins. Peckshield believed that the attackers simply moved the coins to an exchange where they swapped them and later washed them.
Bitmart’s Statement And Resolution
The Bitmart CEO Sheldon Xia took to Twitter moments later to confirm the breach. He noted that the exchange had seen a massive loss of tokens on the Ethereum and Binance Smart Chain online wallets. He revealed that they were still not sure how the cybercriminals did it. In his statement, he estimated the loss at around $150 million.
The executive disclosed that the stolen finds were a minuscule amount of what the exchange held. He also confirmed that all other wallets were protected and untouched. The CEO confirmed that an investigation was ongoing, and he will disclose the company’s findings as they go.
He closed his statement on Twitter by informing users that they could not pull out their funds from the exchange for now. He said that the company was suspending the feature to prevent further loss. He asked that users exercise patience with the process.
Cyber attacks are becoming more frequent in the cryptocurrency world. The nature of cryptocurrencies has made these heists attractive to the criminal mind. Celsius was a target of an attack just days ago.
Celsius Attack
Celsius, a popular cryptocurrency lending platform, is believed to have lost an estimated $50 million three days ago. The funds were lost in an attack on BadgerDAO. The hackers are suspected of having made away with over $100 million in total.
Celsius is thought to have lost the most in the attack, with almost 900 Wrapped Bitcoin lost. The address where this Wrapped Bitcoin was stolen from is believed to belong to them, according to a user on Reddit. The user showed certain interactions that the address had with known Celcius-owned wallets, making the conclusion likely.
BadgerDAO has since confirmed the security breach. They noted that the platform saw a series of unauthorized funds withdrawals this week. They have informed users that they are looking into the breach. Similar to the steps taken by Bitmart to prevent further losses, the protocol has put a stop to smart contract executions for now.
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