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$200 Million Worth Shiba Inu and Other Tokens Stolen from BitMart Exchange

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Sun, 12/05/2021 - 07:57
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Alex Dovbnya
Shiba Inu (SHIB) and Safemoon (SAFEMOON) are among the most affected cryptocurrencies
$200 Million Worth Shiba Inu and Other Tokens Stolen from BitMart Exchange
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Cayman Islands-headquartered cryptocurrency exchange BitMart has suffered a $200 million hack, according to data provided by blockchain security company PeckShield.

Initially, PeckShield tweeted that $100 million worth of tokens were stolen from one of the exchange’s Ethereum hot wallets.

Shiba Inu (SHIB) is at the top of the list of affected assets. The hacker made away with 893.8 billion SHIB tokens (roughly $33.4 million at press time).

Saitama (SAITAMA), Dogelon Mars (ELON) and Akita Inu (AKITA) were also among more than 20 cryptocurrencies that were stolen from Bitmart.    

Later, PeckShield also added $95 million worth of Binance Smart Chain-based tokens. SafeMoon (SAFEMOON) accounted for almost half of the sum, with the hacker pocketing 29.4 trillion tokens ($43.8 million at press time).     

BitMart has acknowledged the security breach in a statement, claiming that only a small percentage of its total assets has been affected by the incident.

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According to Sheldon Xia, BitMart is yet to determine the possible methods that were used to pilfer the wallets.  

The attacker has already started withdrawing their stolen funds with the help of Ethereum-based mixing service Tornado.cash.  

According to CoinGecko, BitMart is in the top 20 exchanges by trading volume.

Last month, TechCrunch reported that it was seeking a valuation of $300 million.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.