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Tech

BitMart CEO Says Stolen Private Key Behind $196M Hack

The crypto exchange’s CEO said the company will compensate affected users out of its own funds.

By Eliza Gkritsi
AccessTimeIconDec 6, 2021 at 7:33 a.m. UTC
Updated Dec 6, 2021 at 4:43 p.m. UTC
(ETA+/Unsplash)

(ETA+/Unsplash)

Deep Dive: Ethereum
Protocol Village
Austin Convention Center
Join an hour long exploration of the advancements defining the Ethereum community in 2023.
Secure Your Seat
Deep Dive: Ethereum
Protocol Village
Austin Convention Center
Consensus 2023 Logo
Join an hour long exploration of the advancements defining the Ethereum community in 2023.
Secure Your Seat

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Deep Dive: Ethereum
Protocol Village
Austin Convention Center
Join an hour long exploration of the advancements defining the Ethereum community in 2023.
Secure Your Seat
Deep Dive: Ethereum
Protocol Village
Austin Convention Center
Consensus 2023 Logo
Join an hour long exploration of the advancements defining the Ethereum community in 2023.
Secure Your Seat

Hackers were able to drain $196 million of crypto from crypto exchange BitMart by stealing a private key that opened two hot wallets, BitMart CEO Sheldon Xia tweeted on Monday.

  • Hackers stole $100 million worth of various cryptocurrencies on the Ethereum blockchain and $96 million on Binance Smart Chain, crypto security firm PeckShield revealed on Dec. 5.
  • BitMart has completed an initial security check and identified affected assets, and it plans to compensate users out of its own pocket, Xia said.
  • The exchange will announce a timetable to gradually continue deposits and withdrawals, he said, adding that he is “confident” they will resume on Dec. 7.
  • The hackers used decentralized exchange aggregator 1inch to swap stolen tokens for ether, and deposited ether funds to privacy mixer Tornado Cash to hide their identities, PeckShield said.
  • A $139 million hack of BXH Exchange in October was also the result of leaked administrator’s keys.

Read more: Crypto Exchange Bitmart Hacked With Losses Estimated at $196M

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Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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