A tweet from a security analysis firm, Peckshield, said on Saturday that $196 million worth of crypto has been stolen from exchange platform BitMart by hackers. Peckshield estimates the losses to be $100 million in various cryptocurrencies on the Ethereum blockchain and $96 million on Binance Smart Chain.
BitMart confirmed the hack last night in an official statement and called it a large-scale security breach, adding, however, that the loss was about $150 million in crypto. The company added that all withdrawals are temporarily suspended until further notice and a thorough security review is underway.
“At this moment we are still concluding the possible methods used. We are now conducting a thorough security review and we will post updates as we progress.”
At first, BitMart denied any breach of security and deemed the reports of the hack as fake news. Peckshield also shared that in a tweet. A few hours later, BitMart’s CEO, Sheldon Xia, confirmed the hack and admitted that it was indeed a result of a security breach.
The amount lost makes this one of the biggest and most devastating crypto hacks of all time. An update to this story will be reported as it is an ongoing report.