Bitmart Hacked $200M following Ethereum Binance | EMWNews.com

Crypto Heist Bitcoin & Ethereum exchange Bitmart hacked for $200MILLION in Floki, BabyDoge, and other tokens amid crypto crash

A further investigation from the team revealed a concurrent hack of $96m over the crypto exchange’s BSC reserves.

Bitmart representatives initially claimed that the outflows were routine withdrawals, referring to the reports of the hack as “fake news,” reported by Coin Desk.

However, Bitmart founder and chief executive Sheldon Xia later confirmed the incident in a Twitter message: “We have identified a large-scale security breach related to one of our ETH hot wallets and one of our 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.”

Xia added the exchange was “conducting a thorough security review” and that all withdrawals are suspended until “further notice.”

PeckShield first noticed something was wrong at around 7.30pm UTC when it detected an excessive amount of outbound transfers.

It discovered a range of tokens, which included meme tokens like Shiba (SHIB), plus $500,000 in the stable coin USDC.

Other altcoins affected included Binance Coin (BNB), Safemoon, BSC-USD, and BNBBPay (BPay).

Meme coins such as BabyDoge, Floki, and Moonshot were also compromised in the hack. Other observers have indicated funds have also been removed on the Binance Smart Chain blockchain as well.

The funds have been sent on to Ethereum mixing service Tornado Cash, which will make it harder to track them.