Late Saturday night, cryptocurrency exchange – BitMart – announced that it had suffered a hack attack that resulted in more than $150 million U.S. equivalent stolen from one of its and Binance Smart Chain (BSC) hot wallets. Sheldon Xia (Bitmart founder) confirmed that Bitmart was hacked in these messages he sent to his Twitter (NYSE.:) account.

It’s been reported that one of Bitmart’s wallet addresses currently displays repeated moves of token balances out of the account, with some of those transactions in the range of tens of millions of dollars. Etherscan has currently labeled the destination address as “Bitmart Hacker.”

Exfiltrated funds included a variety of tokens that included various meme coins, such as and many others. Additionally, it reportedly contained more than 50 million USDC stablecoins.

Flipside

• BitMart is the latest in a series of security breaches executed against “hot wallets” on centralized exchanges.
• Hot wallets can be digital accounts on-chain that are susceptible to theft or exfiltration by hackers connected to the Internet.

Why you should care

The only way to ensure the maximum level of safety and security for your cryptocurrency assets is to store the private keys offline on a paper or in a digital “cold wallet.” The most reliable “cold wallets” where you are the primary custodian are either from Trezor or Ledger. Only buy devices directly from the manufacturers’ websites.

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