• Tue. Jun 25th, 2024

Bitmart Interrupts Withdrawal Services Following a $200M Cyber-Attack

Erik Taylor

ByErik Taylor

Dec 5, 2021
  • Bitmart has suffered an attack, cyber goons escaping with over20 different alts, including FLOKI, BNB, and BPAY.
  • Bitmart had to suspend cryptocurrency withdrawal services while investigating how tokens worth $200 million disappeared.

A crypto exchange Bitmart announced suspending its withdrawal services for its clients after revealing a possible cyber-attack. The trading firm has apologized to clients that might fee affected by the withdrawal suspension.

A cyber security firm PerShield Inc was first to recognize a possible cyber-attack on Bitmart exchange. The security company had questioned a specific increase in tokens’ transfers worth nearly $100 million before the crypto exchange noticed the malicious activity.

Bitmart Exchange Suffer Heavy Loss amid Hacking

In what appeared to be a heavy loss, Bitmart has declared withdrawal services suspension to its clients as investigations proceed. The trading platform has lost massive funds, affecting several meme coins. Bitmart CEO Sheldon Xia confirmed the break, adding that they have not unveiled the attacker’s procedure.

PeckShield, a cyber security firm, unveiled a list that comprised affected meme tokens. The heist had had Bitmart’s security protocols and repayment services under scrutiny. The cryptocurrency community waits to realize how the exchange will fortify them after the attack.

Increase in Crypto-related Cyber Attacks

Crypto-related cyber-attacks have increased at a shocking rate recently. Celcius, a cryptocurrency lending network, reported an attack on 2 December 2021. For now, the platform counts losses amounting to $50 million after hackers compromised BadgerDAO Dapp.

The initial report concerning the attack was on 2 December. That was when the lending platform declared many suspicious user fund withdrawals. After that, Celcius suspended ‘smart’ contracts on its platform for an investigation to avoid further losses.

Other crypto companies and exchanges have also suffered similar attacks in 2021. MonoX also witnessed a cyber-attack where fraudsters inflated its native coin’s prices before withdrawing. The attack left the firm with losses worth $31 million.

Early this year, prominent figures like Tesla CEO Elon Musk found themselves in the hacking space. Hackers utilized their social media profiles to post lure crypto enthusiasts. Some individuals fell for the trap and countered losses.

With such massive attacks in the cryptocurrency environment, developers need to introduce security innovation to solve the cases. Without that, investors may quit their platforms. Meanwhile, evaluate security guidelines followed by any crypto project you are using.

Enjoy Safety in Your Investment Undertakings!!!

Erik Taylor

Erik Taylor

Erik Taylor, contributing author for Big Trends Signals, leverages his vast online trading knowledge to provide thorough guides and impartial reviews, simplifying complex trading concepts for readers.

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