Insights

Hacked Victims Are Going To Get Reimbursed

Last week on Sunday Dec 5, the cryptocurrency exchange “Bitmart” was hacked losing about $200 million through their hot wallet. The hackers were able to transfer an estimated $100 million through the Ethereum blockchain, and followed it up in a separate hack of $96 million using Bitmarts BSC reserves.

The group or individuals behind the attack targeted 20 assets including BNB,SAFEMOON, FLOKI, and MOONSHOT.  A company assessing the hack PeckShield’s and its security team attributed the crime to a simple “transfer-out, swap and wash” move.

Bitmart in response announced 

“We plan to continue to gradually restore services but only following our security team’s thorough testing process. Security remains our No. 1 priority. In fact, as of Tuesday, Dec. 7, 2021, EST we have resumed ETH and ERC20 token deposits and withdrawals.”

The CEO of BitMart, announced through Twitter he’s going to be using its own funding to compensate for any losses emanating as a result of the incident: “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”

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