BitMart Exchange Hacked, Reportedly Loses $196 Million

One of the most devastating digital currency exchange hacks on record occurred late Saturday night as Bitmart reportedly lost some $196 million in various cryptos.

Security analysis firm Peckshield tweeted out the news.

One of Bitmart’s addresses currently shows steady outflows of entire token balances, some worth tens of millions of dollars, to an address currently labeled by Etherscan as the “Bitmart Hacker”.

In a follow-up tweet, Peckshield estimated the losses to be $100 million in various cryptocurrencies on the Ethereum chain, and $96 million on Binance Smart Chain.

BitMart was founded in 2018 and, in 2019, partnered with Paxful, a global cryptocurrency trading platform where individuals can trade with millions of users.

- Aaron Goldstein, Gambling911.com