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Cryptocurrency: a $200 million heist

Cryptocurrency marketplace BitMart suffered a security breach, which allowed hackers to steal $200 million from it.

Cybercrime - December 16, 2021

On Saturday 4 December 2021, BitMart, a cryptocurrency exchange platform, announced that a security breach had allowed hackers to fraudulently withdraw $150 million in cryptocurrency from two wallets, Ethereum and Binance Smart Chain. BitMart then immediately suspended the deposit and withdrawal of assets from all its wallets.

This Monday 7 December 2021, BitMart clarified that the breach was “primarily caused by a stolen private key,” and reassessed the losses at $200 million. The hackers then reportedly used 1inch and Tornado Cash to exchange the stolen coins for other cryptocurrencies to make it harder to trace them.

“The other assets on BitMart are safe and unharmed. BitMart will use its own funds to cover the incident and compensate affected users,” the marketplace said. The theft is the sixth largest in the history of cryptocurrencies.

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