The cryptocurrency trading platform BitMart has lost approximately $196 million following what the company called “a large-scale security breach.”
The hack was first disclosed by Peckshield, a blockchain security and data analytics company, which initially identified a transfer of roughly $100 million over the Ethereum blockchain.
“We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today. At this moment we are still concluding the possible methods used,” BitMart said in a press release, adding that the affected wallets “carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed.”
In a statement BitMart wrote that the hackers withdrew around $150 million in assets, however, Peckshield estimates the loss to be around $200 million (~$100 million on Ethereum and ~$96 million on BinanceChain).
The security firm said that the hack was a straightforward case of transfer-out, swap, and wash.
BitMart said it has temporarily suspended withdrawals until further notice.
Last week, a blockchain-based decentralized finance (DeFi) platform BadgerDAO paused all smart contract activity after hackers stole $120.3 million in a variety of tokens.