- Over the weekend, a hacker reportedly stole $196 million from the bitcoin trading platform Bitmart.
- BitMart revealed today that they uncovered a large-scale security vulnerability affecting one of their ETH and BSC hot wallets.
- The company’s losses amounted to over $100 million on the Ethereum blockchain in various cryptocurrencies and $96 million on the Binance Smart Chain.
- Bitmart indicated that the compromised ETH and BSC hot wallets only carry a small portion of the company’s assets, while all other wallets are secure and unaffected.
BitMart was founded in 2018 and served both people and institutions as a professional digital asset exchange platform. According to the organization’s website, Bitmart Exchange is a global digital asset trading platform with over 5.5 million members globally. CoinMarketCap’s exchange is headquartered in the Cayman Islands and has offices in New York, China, Hong Kong, and Seoul.
Following the news of Bitcoin’s price collapse on Saturday, crypto investors are now confronted with other negative information. A hacker reportedly stole $196 million from cryptocurrency trading platform Bitmart over the weekend. Coindesk reports that the theft is one of the most severe centralized exchange thefts to date.
BitMart announced a large-scale security vulnerability involving one of their ETH hot wallets and one of their BSC hot wallets. They are currently finalizing the possible ways of attack at the moment. Hackers were able to withdraw around 150 million USD in assets.
However, according to PeckShield, a third-party security platform, the damage is closer to $200 million. According to the organization, the losses totaled around $100 million in various cryptocurrencies on the Ethereum blockchain and $96 million on the Binance Smart Chain.
Bitmart stated that the affected ETH and BSC hot wallets hold a small percentage of BitMart’s assets, while all wallets are secure and unaffected. The platform has suspended withdrawals till further notice. According to Coindesk, identifying the persons responsible for the crime may be challenging because the cryptocurrency was stolen.
More about Bitmart
BitMart utilizes a sophisticated multi-layer, multi-cluster system design to ensure the system’s security, stability, and scalability. Its blockchain nodes use hot/cold wallet technology. The working modes of secret keys and addresses are optimized to take advantage of the blockchain’s security features, ensuring the protection of users’ assets.
BitMart’s trading system is built around a self-developed, high-performance core matching engine and distributed computing technologies like Google Spanner and BigTable. As a result, it can support massive concurrent computation and processing orders at a rate of one million transactions per second.
BitMart’s proprietary whole-network transaction architecture efficiently matches the market depth of all major exchanges worldwide, resulting in increased liquidity and a superior trading experience. Users can trade with counterparts on key marketplaces worldwide using this technology without ever leaving BitMart. BitMart will become the most extensive liquidity provider for digital assets, backing the whole-network transaction system.
How do I purchase Bitcoin from BitMart?
If you’re searching for a straightforward approach to begin investing in cryptocurrencies, one of the most excellent options is through BitMart.
BitMart charges 0.05 percent in costs for trading, zero in fees for deposits, and fees and minimum withdrawal amount for withdrawing tokens, which vary each cryptocurrency. BTC requires a minimum withdrawal of 0.005 BTC and charges a fee of 0.0005. ETH has a minimum withdrawal amount of 0.015 ETH and a charge of 0.01.
Finally, BMX requires a minimum withdrawal of 30 dollars plus a ten-dollar BMX fee. (These quantities and values are subject to change; you can always refer to their fee’s page for the most up-to-date list of costs). BitMart now lists over 300 crypto assets, most of which may be traded straight for the required cryptocurrency using USDT.