The owner of this crypto exchange was not kicking back enough to his masters overseas.

So, they sent a really big warning.

Sheldon Xia
Founder & CEO at BitMart

Crypto-Exchange BitMart to Pay Users for $200M Theft – Dec 2021

BitMart confirmed it had been drained of ~$150 million in cryptocurrency assets, but a blockchain security firm said it’s closer to $200 million.

Cryptocurrency exchange BitMart has pledged to dig into its own pocket to pay back users affected in a cyberattack that drained it of about $150 million worth of cryptocurrencies, according to a tweet put out by BitMart CEO Sheldon Xia on Monday.

On Saturday, BitMart announced that attackers had stolen a private key and compromised two of the exchange’s hot wallets on the Ethereum (ETH) blockchain and the Binance smart chain (BSC), making off with approximately $150 million worth of assets in a “large-scale security breach.”

However, blockchain-security and data-analytics firm PeckShield – the first to notice the breach on Saturday – estimated that the loss is closer to $200 million. On the day of the breach, PeckShield tweeted out a list of affected assets/amounts on @BinanceChain, noting that the losses were worth about $100 million from the Ethereum wallet and about 96 million on the Binance Chain wallet. – Source

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