Crypto

Following the Ethereum and Binance Smart Chain Attack, Hackers Stole $200 Million From BitMart

Following the Ethereum and Binance Smart Chain Attack

Peckshield, blockchain security, and data analytics company, discovered a $200 million Bitmart hack after discovering a $100 million Ethereum blockchain transfer.

In addition, the team revealed that the crypto exchange’s BSC reserves had been stolen for $96 million at the same time. The total loss is expected to be $200 million ($100 million on @ethereum and $96 million on @BinanceChain). (Previously, only @ethereum was taken into account.)

Binance Coin (BNB), Safemoon, BSC-USD, and BPay were among the tokens seized by the hacker. As well as BabyDoge, Floki, and Moonshot, a substantial number of meme coins were stolen.

The hack, according to PeckShield, was a straightforward instance of swap, transfer, and wash. Sheldon Xia, the CEO of Bitmart, later confirmed the attack involved ETH and BSC hot wallets on Twitter.

“Our team is currently determining the best strategy to use at this time,” she explained. The hackers stole over $150 million in assets.”

“Withdrawals are currently suspended till further notice.” We would truly appreciate it if you could be patient with us during this period. Please accept our heartfelt gratitude.”

Celsius, a cryptocurrency loan company, has lost $50 million due to an abuse of the decentralized finance (DeFi) protocol BadgerDAO, which appears to be a continuing threat to the crypto industry.

Following a security issue revealed on December 2, BadgerDAO announced on Wednesday that it had received multiple notifications of illicit withdrawals of users’ cash. To minimize more losses, the Badger team took preventative actions similar to Bitmart and paused all smart contracts on the protocol.

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How to Protect Your Cryptocurrency From Theft

The risk of theft can be mitigated in a variety of ways. Storing your cryptocurrency and money on offline hardware will protect them against theft.

When not in use, both hardware and paper wallets must be kept in a safe. Put your private keys in a secure area distant from your wallets, such as a bank safe deposit box or a remote safe location.

Only the crypto required for trade and exchange should be held by exchanges.

Use a secure and trusted bookmark whenever you access your exchanges, wallets, or other online crypto service providers through your web browser. If you do not use several passcodes on your hardware wallet, the 5-dollar wrench assault can result in losses.

Using an offline token generator like Google Authenticator helps improve multi-factor authentication. Wallet money can be signed by many people.

When it comes to crypto holdings, you should keep your public exposure to a minimum and avoid discussing them in public.

When emailed, talked, or otherwise communicated via digital means, double-check your wallet address after pasting it, and include an image of the wallet address.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.