Cryptocurrency Lets Thieves and Hackers Steal Nearly $ 200 Million

According to a Dec. 5 report on the US Consumer News and Business Channel website, the security network company said on the 4th that hackers had stolen $ 196 million from the cryptocurrency trading platform BitMart.

According to the report, Bitmart announced the confirmation of the hack on the evening of the 4th, calling it "extremely serious" and claiming that the hackers had stolen around $ 150 million in tools. However, blockchain security and data analytics firm Paidun estimates the loss could reach nearly $ 200 million. Bitmart also said that all platform removal services have been postponed until further notice and that there is now a full security check.

According to the report, the organization that first saw the hack incident on the 4th was Paidoon. The company points out that if you look at the Bitmart address, tens of millions of dollars are constantly being transferred from the Ethereum browser to the "Bitmart Hackers" address tag.

According to the report, Paidun estimates that Bitmart lost around $ 100 million in various cryptocurrencies on the Ethereum blockchain and $ 96 million in cryptocurrency on the Binance smart chain. Hackers have stolen more than 20 cryptocurrencies, including Binance coins, the “Safe Moon” digital currency and Shiba Inu coins.

Bitmart said the affected Ether and Binance Coins “gold wallets” represent only a “small fraction” of the market platform's assets, while all other wallets are “safe”.

According to the report, cryptocurrency holders can keep their cryptocurrencies "hot", "cold" or both. Wallets are connected to the internet, making it easier for consumers to receive and use cryptocurrencies, but at a simpler risk.

According to the report, data from Bihu's website shows that Bitmart offers services such as forex trading, leveraged futures trading and lending, making it one of the most centralized crypto trading platforms. in terms of trading volume.

Bitmart isn't sure which method hackers use, but what happens after a crack-in is straightforward and clear, according to Paidun. This is a classic example of “extract, exchange and clean”.

The report shows that the hijackers made this money difficult by withdrawing money from Bitmart and then using a shared method called "1 inch" to exchange the hijacker's cryptocurrency for Ether, then by throwing it into a crypto compound called "Tornado Money". . To run.

According to the report, Rick Holland, head of security at cyber threat firm "Digital Shadow", says cybercriminals often target platforms that provide hybrid services. He said the platform allows users to create new cryptocurrencies by combining illegal funds with pure cryptocurrencies and then exchanging them for cryptocurrencies.

The report also states that even though the blockchain is public, hackers still have ways to make it harder for researchers to track the end of the market.