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Bitmart Suspends Withdrawals Following Apparent $200K Hack

Written by:
Aaron Goldstein
Published on:
Dec/05/2021

Customers of the cryptocurrency exchange Bitmart fear the worst after it confirmed a $150K hack Saturday night.  Blockchain security and data analytics firm Peckshield estimates that the loss is closer to $200 million however.  Bitmart announced it had suspended all withdrawals indefinitely while the exchange continues its investigation. 

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Peckshield was the first to notice the breach on Saturday, noting that one of Bitmart’s addresses showed a steady outflow of tens of millions of dollars to an address which Etherscan referred to as the “Bitmart Hacker" according to CNBC.

The breakdown appeared to be around $100 million in various cryptocurrencies on the ethereum blockchain and another $96 million from coins on the binance smart chain.

Bitmart says that the affected ethereum and binance smart chain “hot wallets” carried only a “small percentage” of the exchange’s assets.

Bitmart issued the following statement to users on Sunday:

"Dear user, users' assets are safe on BitMart. Most of our assets are stored securely in cold wallets. Withdrawals are temporarily suspended until further notice. Please keep an eye out for our further announcements. Thank you for your understanding and patience."

- Aaron Goldstein, Gambling911.com

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