Another gigantic crypto theft: – Brutal, says security company

Major thefts of cryptocurrencies have marked the news picture recently, and now another theft with significant losses is reported. It reports, among others, the American news channel CNBC.

The crypto exchange Bitmart recently experienced a break-in in its systems which resulted in currency worth close to 200 million dollars – approximately 1.8 billion kroner – being stolen by hackers.

Private key lost

Bitmart posted a message on Saturday where it emerged that they had identified a major security breach, and that all withdrawals were temporarily suspended while Oslo Børs carried out further investigations.

According to the stock exchange itself, the hackers extracted values ​​for a total of 150 million dollars, divided into currencies belonging to the Ethereum and Binance chains. The security company Peckshield, which carried out a technical analysis of the incident, estimates, however, that the stolen values ​​total $ 196 million.

– The security breach is tough and brutal. We stand at Bitmart Exchange and offer the necessary support / help in all possible ways, Peckshield writes in one Twitter message which was published on Monday.

Bitmart also released a new update on Monday, where it is informed about what caused the massive theft.

– In response to this incident, Bitmart has conducted security checks and identified the funds affected. This security breach was mainly caused by a stolen, private key that compromised two of our hot wallets (wallets connected to the internet, journ.anm). Other funds at Bitmart are safe and untouched, the update says.

Will cover the losses

Bitmart says they intend to use their own funds to cover the losses of the users affected by the theft, and that they are in dialogue with other players about possible solutions, including currency exchange.

According to the stock exchange, the restoration of the deposit and withdrawal functions will start on Tuesday 7 December and take place gradually. More details will come soon, it promises.

Bitmart is not among the largest crypto exchanges, but is nevertheless a significant player in the market. According to an overview at the site Statista The stock exchange has a daily trading volume of 1.3 billion dollars, which places the stock exchange in 28th place globally.

Crypto-theft and fraud are constantly reaching new heights. Digi.no recently reported that values ​​totaling NOK 95 billion have been stolen this year alone, according to a report prepared by the analysis company Elliptic.

By comparison, crypto scammers stole around NOK 40 billion in 2019, based on a report from the crypto security company CipherTrace. This means that the number has more than doubled in the last two years.


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