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Bitmart: Hackers steal tokens in the hundreds of millions from crypto exchange

2021-12-06T07:04:42.031Z

Hackers stole token holdings from a crypto trading platform valued at an estimated 200 million dollars. Bitmart is contrite, and there are otherwise black days for crypto fans.



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Symbol picture Buying crypto by mobile phone: Is there a threat of stronger regulation in the USA?

Photo: Marijan Murat / dpa

The Bitmart crypto exchange fell victim to a hacker attack with fatal consequences.

The cyber criminals stole token stocks on a large scale.

Bitmart confirmed the hack in an official statement and spoke of a "large-scale security breach".

According to a release from Bitmart, the hackers withdrew around $ 150 million in assets.

As the broadcaster CNBC reports, however, the blockchain security and data analysis company Peckshield estimates that the loss is closer to just under 200 million dollars.

According to Bitmart, all withdrawals have been temporarily suspended until further notice.

A thorough security review should take place.

The blockchain experts from Peckshield were also the first to discover the vulnerability.

They found that one of the Bitmart addresses showed a steady outflow of tens of millions of dollars to an address called the "Bitmart Hacker."

The hackers stole a mixture of more than 20 tokens, including Binance Coin, Safemoon and Shiba Inu.

Bitcoin crashes 22 percent over the weekend

Even non-hacked crypto fans have often recorded losses in the past few days.

Bitcoin, a kind of reserve currency in the crypto economy, lost up to 22 percent of its value in a dramatic slide on Saturday - and cost only $ 41,967.

That was one of the biggest losses ever.

By Saturday evening, the price had largely recovered to around $ 53,500.

On Sunday it went down again by around 8.5 percent to about $ 49,000.

Market participants attributed the slump to profit-taking and worries about the global economy.

The new virus variant Omikron caused fluctuations in the financial markets worldwide last week because it is unclear how much it could jeopardize an economic upturn.

Current economic data were also disappointing, for example on the US labor market.

Less than a month ago, a Bitcoin cost up to $ 69,000.

The price slide could also be the opportunity for a cheap entry, said Justin d'Anethan from the cryptocurrency exchange Eqonex.

Analyst Timo Emden from Emden Research warned that bargain hunters should not feel safe.

On Wednesday, the top managers of eight large cryptocurrency companies were also invited to a committee of the US House of Representatives, according to Emden.

The fear of forced regulation could take the industry out of breath, at least in the short term.

The value of bitcoins is determined solely by supply and demand.

There are no states or central banks that intervene to regulate - just as little as there is a noteworthy economy that stands behind it and ensures stability.

The supply is tight: According to the underlying algorithm, there should be a maximum of 21 million Bitcoins by 2130.

A regulation in the USA could have a significant influence on the courses, warned analyst Emden.

However, a tougher pace remains indispensable so that cyber currencies can mature as a serious asset class, even if this could initially be negative for the markets.

apr / Reuters

Source: spiegel

All business articles on 2021-12-06

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