Bitmart to Ethereum, Binance Smart Chain Exploit Hacked for $ 200 Million


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Bitmart crypto exchange lost nearly $ 200 million to a hot wallet compromise hosted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.

The $ 200 million Bitmart hack was first exposed by Peckshield, a blockchain security and data analytics company, which first identified a transfer of about $ 100 million over the Ethereum blockchain.

Further research by the team revealed a simultaneous hack of 96 million US dollars over the BSC reserves of the crypto exchange:

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

To For Peckshield, the hack was a simple case of transfer-out, swap and wash:

Transfer of stolen Bitmart tokens. Source: PeckShield

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

“We are currently finalizing the possible methods. The hackers were able to withdraw assets worth around 150 million US dollars. “

Related: Crypto lending firm Celsius reportedly affected by BadgerDAO exploit

In what appears to be an ongoing threat to the crypto ecosystem, cryptocurrency lending platform Celsius confirmed a $ 50 million loss in exploiting the Decentralized Financial Protocol (DeFi) BadgerDAO.

The first reports of BadgerDAO’s security breach surfaced on December 2, with protocol officially announcing that it received multiple exports of unauthorized withdrawals of user funds on Wednesday.

The Badger team took similar preventive measures as Bitmart, further investigated the problem and paused all smart contracts in the log to avoid further losses.