Bitmart, a cryptocurrency exchange, reports that hackers stole $150 million

An initial security scan has been conducted, according to Bitmart, and impacted assets have been identified, according to a statement sent to customers.

Money was taken from two "hot wallets," one on the Ethereumblockchain and the other on the Binance Smart Chain, and placed in a cold storage account. When referring to cryptocurrency assets that are connected to the internet, rather than being stored offline in "cold wallets," the term "hot wallet" is used to describe assets that are more accessible to their owners than those stored offline in "cold wallets." Whilst storing cryptocurrency in a hot wallet makes it easier to access, it also increases the risk of hacks such as the one that occurred with Bitmart.

Initially reported by Peckshield, a blockchain security and data analytics firm, and later confirmed by Bitmart CEO Sheldon Xia, the hack was carried out.

According to Peckshield's analysis, unidentified hackers gained access to the two wallets and extracted funds by using a stolen private key to do so. According to Peckshield, the hackers may have stolen assets worth up to $196 million in cash and securities. As stated by the company, all Bitmart assets that are not stored in one of these wallets are completely safe.

Using funds from its own resources, Bitmart will cover losses and compensate users who have been negatively impacted. The cryptocurrency exchange Huobi Global has expressed its support for the company as it works to mitigate the impact of the hack. In a statement released on Monday, Huobi stated that it will assist Bitmart in reporting and managing any incoming assets that may have been obtained as a result of the cyberattack.

The suspension of all Bitmart withdrawals took effect on Saturday. According to Xia's announcement on Monday, deposit and withdrawal functions will be gradually restored starting on Tuesday.

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