Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: TomPluz on December 05, 2021, 09:44:59 AM

Title: Bitmart Hacked for $200 Million
Post by: TomPluz on December 05, 2021, 09:44:59 AM

(https://images.cointelegraph.com/images/717_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvY2EwOGNmNDEtYjAxYi00ZGQ0LWFkZDEtZTUwNDQzMTlmNjI0LmpwZw==.jpg)

Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit. The hackers made away with a mix of over 20 tokens that includes altcoins such as BNB, Safemoon, BSC-USD and BPay.

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

The $200 million Bitmart hack was first revealed by Peckshield, a blockchain security and data analytics company, who initially identified a transfer of roughly $100 million over the Ethereum blockchain.


Source: https://cointelegraph.com/news/bitmart-hacked-for-200m-following-ethereum-binance-smart-chain-exploit


=========


As what I keep on saying, there is no last victim to hacking as more and more hackers are now concentrating their energy, focus and resources to get into exchanges because they are assured of millions for every successful deal. Surely, this is another moment for the cryptocurrency exchange industry...yet in 2022 am sure there can be the same story with another victim. I think we the users should now be demanding that all exchanges will have some form of an insurance which the affected users can tap into.

Title: Re: Bitmart Hacked for $200 Million
Post by: Freemind on December 05, 2021, 11:01:07 AM

It happens again. Unfortunately it seems that the managers of the exchanges (some) do not learn the importance of security, or they leave it in the background, I think again that the problem comes again from security budgets, sometimes lower than marketing budgets, for example. What has happened to BitMart (unfortunately it won't be the last hacked exchange) is another way of teaching the community that coins/tokens should never be stored on an exchange.

I hope that the management of the company has good insurance to be able to replace all the funds stolen from its users and that people learn not to leave their funds in any exchange.