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Bitmart dogged for $200 million after Ethereum and Binance Smart Chain hack

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The hackers made off with a variety of over 20 tokens, including BNB, Safemoon, BSC-USD, and BPay, and others.

Bitmart, a crypto exchange, suffered over $200 million in a hot wallet contract held on the Ethereum and Binance Smart Chain blockchains.

Peckshield, a blockchain security and data analytics firm, discovered the $200 million Bitmart hack after detecting a transfer of around $100 million over the Ethereum blockchain.

The team's further research discovered a parallel hack of $96 million over the crypto exchange's BSC reserves.

The hackers to steal over 20 tokens, including cryptocurrencies such as Binance Coin (BNB), Safemoon, BSC-USD, and BNBBPay (BPay). The hack also revealed significant amounts of meme coins such as BabyDoge, Floki, and Moonshot.

The hack, according to Peckshield, was a basic instance of transfer-out, swap, and wash.

Sheldon Xia, CEO of Bitmart, subsequently acknowledged the hack on Twitter as a "large-scale security breach" on ETH and BSC hot wallets:

“At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 million.”

As to what appears to be a continuous threat to the crypto ecosystem, cryptocurrency lending firm Celsius reported a $50 million loss as a result of the BadgerDAO decentralised finance (DeFi) protocol's exploit.

On Thursday, the protocol announced officially that it had received several exports of unlawful withdrawals of user funds on Wednesday, prompting the first reports of BadgerDAO's security breach.

To minimise further losses, the Badger team proceeded to look into the issue and stopped all smart contracts on the protocol, as Bitmart had done.



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