Friday 29 Mar 2024
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KUALA LUMPUR (Dec 6): Crypto exchange BitMart lost nearly US$200 million (about RM846.46 million) in a hot wallet compromise hosted over the Ethereum and Binance Smart Chain (BSC) blockchains.

In a report on Sunday (Dec 5), cryptocurrency news portal Cointelegraph said the US$200 million BitMart hack was first revealed by PeckShield, a blockchain security and data analytics company that initially identified a transfer of roughly US$100 million over the Ethereum blockchain.

It said the hackers made away with a mix of over 20 tokens that include altcoins such as Binance Coin, SafeMoon, BSC-USD and BNBPay.

It said sizeable amounts of meme coins such as Baby Doge, Floki and Moonshot were also compromised in the hack.

According to PeckShield, the hack was a straightforward case of a transfer-out, swap and wash.

The report cited BitMart chief executive officer Sheldon Xia as later confirming the hack over Twitter as a “large-scale security breach” of Ethereum and BSC hot wallets:

“At this moment, we are still concluding the possible methods used. The hackers were able to withdraw assets of a value of approximately US$150 million.”

Meanwhile, the portal also reported that cryptocurrency lending platform Celsius confirmed a loss of US$50 million in the exploit of decentralised finance protocol BadgerDAO.

It said the first reports on BadgerDAO’s security breach surfaced last Thursday with the protocol officially announcing that it received multiple exports of unauthorised withdrawals of user funds on Wednesday.

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