BitMart CEO Says Stolen Private Key Behind $196M Hack

Fibo Quantum

Hackers were able to drain $196 million of crypto 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 hacker 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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