Hackers have taken millions from cryptocurrency trading platform BitMart during a “large-scale security breach,” the company announced in a statement on Monday.
BitMart, which provides real-time trading services including Bitcoin, Ethereum, and Tether trading, said that the hackers were able to withdraw about $150 million in assets.
“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 Monday’s statement.
“The affected ETH hot wallet and BSC hot wallet carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress,” Bitmart said. “At this moment we are temporarily suspending withdrawals until further notice.”
The exchange thanked its customers for their “kind understanding and patience in this situation” and said they would remain transparent as they continue to conduct a review.
The security breach was mainly caused by the hackers stealing a private key that opened two hot wallets—a virtual currency wallet that allows a cryptocurrency owner to easily receive and send tokens—Xia said. He again reiterated that other assets with BitMart are “safe and unharmed.”
BitMart is currently working to “retrieve security set-ups” and its “operation” and will announce a timetable to gradually continue deposits and withdrawals, Xia said, adding that he is “confident” they will resume on Dec. 7.
The Epoch Times has contacted BitMart for comment.
In its report, published last week, the London-based firm found that more than $10 billion worth of user funds have been stolen in cases of fraud and theft on DeFi products, the ecosystem of cryptocurrencies, exchanges, and shadow banks that aim to recreate traditional financial services using blockchain technology.
Specifically, DeFi users and investors have suffered more than $12 billion in losses due to theft and fraud, and those losses are only accelerating, with losses totaling $10.5 billion in 2021 to date, up from $1.5 billion in 2020, according to the research.