Hackers Steal $196 Million Worth of Crypto from BitMart

Crypto exchange BitMart has recently suffered a hack, resulting in the loss of $196 million worth of crypto ($100 million on ethereum (ETH) and $96 million on Binance Smart Chain) as estimated by security researchers PeckShield. 

Sheldon Xia, Founder and CEO of BitMart, has confirmed the incident on Twitter. He stated, "We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 millions."

Xia further added that the exchange is "conducting a thorough security review" and that all withdrawals are suspended until "further notice." 

The $196 million in losses makes the incident one of the most devastating centralized exchange hacks to date.