Crypto exchange Bitmart lost nearly $200 million in a hack hosted via the Ethereum and Binance Smart Chain blockchains. The hackers made off with a mix of more than 20 tokens, including altcoins such as BNB, Safemoon, BSC-USD and BPay.
Massive Security Breach
The hack was first revealed by Peckshield, a blockchain analytics firm. The company initially identified a transfer of approximately $100 million worth of cryptocurrencies over the Ethereum blockchain. Closer investigation by the team revealed a simultaneous $96 million hack into the crypto exchange’s BSC reserves:
Total estimated loss: ~200M (~100M on @ethereum and ~96M on @BinanceChain ). (Previously we only counted the loss on @ethereum). And here is the list of affected assets/amounts on @BinanceChain pic.twitter.com/cXXApDFtd7
— PeckShield Inc. (@peckshield) Dec 5, 2021
So, the hackers got hold of a mix of more than 20 tokens, including altcoins such as Binance Coin (BNB), Safemoon, BSC-USD and BNBBPay. Large amounts of meme coins such as BabyDoge, Floki and Moonshot were also stolen during the hack.
According to Peckshield, the hack was a simple case of transfer-out, swap, and wash:
Bitmart CEO Sheldon Xia later confirmed the hack via Twitter. He called it a “massive security breach” on ETH and BSC hot wallets:
“At the moment we are still finalizing the possible methods used. The hackers were able to extract assets worth about $150 million.”
3/3 At this moment we are temporarily suspending withdrawals until further notice. We beg for your kind understanding and patience in this situation. Thank you very much.
— Sheldon Xia (@sheldonbitmart) Dec 5, 2021
The cryptocurrency lending platform Celsius also recently announced a $50 million loss due to a hack at the DeFi protocol BadgerDAO.
The first reports of BadgerDAO’s security breach were released on Thursday. It announced it received multiple exports of unauthorized withdrawals of user funds on Wednesday.
The Badger team took preventive measures similar to Bitmart, continued to investigate the issue and paused all smart contracts on the protocol to prevent further losses.