BitMart is a crypto exchange platform helping customers exchange nearly 1000 types of cryptocurrencies. They were founded in 2017 and have millions of users from around the world.
The crypto exchange known as BitMart suffered a massive security breach that resulted in the loss of $150 million worth of cryptocurrency. However, some reports estimate the total loss in the range of $200 million or more. Let's take a closer look at the Bitmart breach to better understand how it occurred and how business owners and everyday people can bolster their digital defenses.
BitMart revealed that the security breach resulted from the theft of a private key that impacts hot wallets. However, other assets remained unharmed in the attack.
This breach occurred on December 4, 2021.
The breach impacts BitMart customers and BitMart as a company. It is estimated that the company's finance smart chain lost nearly $100 million in coins. The hacking crew also stole more than 20 tokens ranging from Shiba Inu to Safemoon, damaging the reputations of those cryptocurrencies all the more.
The aggregate loss stemming from the attack is $200 million. However, the amount of crypto stolen in the attack was $150 million. BitMart responded to the attack by stating it would provide victims nearly $200 million in compensation.