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BitMart CEO Says Stolen Private Key Behind $196M Hack
The crypto exchange’s CEO said the company will compensate affected users out of its own funds.
Updated May 11, 2023, 6:32 p.m. UTCPublished Dec 6, 2021, 7:33 a.m. UTC
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Hackers were able to drain $196 million of crypto from crypto exchange BitMart by stealing a private key that opened two hot wallets, BitMart CEO Sheldon Xia tweeted on Monday.
- Hackers stole $100 million worth of various cryptocurrencies on the Ethereum blockchain and $96 million on Binance Smart Chain, crypto security firm PeckShield revealed on Dec. 5.
- BitMart has completed an initial security check and identified affected assets, and it plans to compensate users out of its own pocket, Xia said.
- The exchange will announce a timetable to gradually continue deposits and withdrawals, he said, adding that he is “confident” they will resume on Dec. 7.
- The hackers used decentralized exchange aggregator 1inch to swap stolen tokens for ether, and deposited ether funds to privacy mixer Tornado Cash to hide their identities, PeckShield said.
- A $139 million hack of BXH Exchange in October was also the result of leaked administrator’s keys.
Read more: Crypto Exchange Bitmart Hacked With Losses Estimated at $196M
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
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