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$ 150 million in digital assets stolen from BitMart security breach • The Register

The BitMart cryptocurrency exchange coughed at a large-scale security breach related to ETH and BSC hot wallets. The company estimates that hackers have taken around $ 150 million in assets.

PeckShield Security and Analysis Equipment put the number to nearly $ 200 million.

“Today we have identified a large-scale security vulnerability related to one of our ETH hot wallets and one of our BSC hot wallets. At the moment, we are still in the process of concluding on possible methods. The hackers were able to remove assets worth approximately $ 150 million, ” BitMart said.

“The affected ETH Hot Wallet and BSC Hot Wallet contain a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are currently conducting a thorough security review and will release updates as they arise. measure of our progress, “he added.

Worrisome to customers, BitMart blocked withdrawals until it completed a “thorough safety review” or, in the common metaphor, closed the stable door after the horse bolted.

A “warm wallet” is, according to Investopedia, a tool for a cryptocurrency owner to receive and send tokens. Wallets are used to secure these tokens, with a hot wallet connected to the internet while a cold wallet is not.

“Because hot wallets are connected to the Internet, they tend to be a bit more vulnerable to hacks and theft than cold storage methods,” the BitMart site says. You think?

BitMart is not alone. Poly Network revealed in August that some of its systems had been compromised, with scoundrels draining hundreds of millions of dollars in digital assets from its platforms.

For his part, BitMart CEO Sheldon Xia tried to appease nervous customers, saying: “We are convinced that the deposit and withdrawal functions will gradually begin on December 7, 2021.”

The reaction on social media has been sharply divided. On the one hand, cryptocurrency fans are lining up for offer support to the besieged company. On the other hand, the reviews are drawn from a group of people facing losses as well as the pile of people who question why we would hide so many assets in a hot wallet.

The register asked BitMart for comment and will update if the company responds. ®

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