BitMart, a cryptocurrency exchange that has been in operation since 2014. It was reported that hackers breached its system and stole up to $200 million worth of cryptocurrencies.
As cybercrime becomes more prevalent and hackers become more skilled, it is becoming harder for businesses to mitigate the risks of a cyberattack. Banks, retailers and other large organizations are being targeted by criminals in order to steal sensitive data and profit from it.
An estimated US$196 million in different cryptocurrencies was stolen from the centralised US crypto exchange BitMart in one of the most severe attacks to occur in recent history.
The recent security breach has raised concerns on whether incidents such as these are going to happen more often with the growing popularity of cryptocurrencies and blockchain technology.
According to Sheldon Xia, founder and CEO of BitMart, a “large-scale hack” of its Ether (ETH) and Binance Smart Chain (BSC) hot wallets was detected on December 5. PeckShield, a security service that caught the incident as it was occurring, estimated the damages to be over $200 million.
In a report by NewsRoomPost, the hackers exploited a decentralised exchange aggregator named “1inch” in order to convert the stolen money for Ether tokens.
In order to make it more difficult to track down the stolen assets, the stolen Ether tokens are being put into Tornado Cash, a privacy-mixing service.
Investigations have been begun in order to identify and track down the hacker who was responsible for the Bitmart incident.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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