As company founder Sheldon Xia announced on Twitter on Monday, hackers have stolen digital keys to the so-called Hot Wallet. A “hot wallet” is a software wallet for crypto currencies such as bitcoin that is connected to the Internet.
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Following the break-in, Bitmart temporarily suspended all withdrawals until further notice. In a preliminary announcement, the company initially estimated losses to be equivalent to approximately US$150 million (approximately €132.7 million).
Blockchain security company PeckShield announced on Twitter, hackers fell into the hands of digital coins based on the Ethereum and Binance blockchains. PeckShield also discovered and reported the break-in on Sunday.
Company owner Xia wrote that in response to the incident, Bitmart conducted a preliminary security review and identified the affected assets. “This security breach was primarily caused by a stolen private key that compromised two of our hot wallets. With Bitmart the other assets are safe and sound.”
Xia said Bitmart plans to pay out-of-pocket compensation to users. The exchange will announce a schedule for gradually resuming deposits and withdrawals, saying they were “convinced” they would resume on Tuesday.
IT security specialist F-Secure’s Rudiger Trost called attacks on crypto exchanges a good business model for cybercriminals: “They can steal large sums of money in one fell swoop, and the risk is low enough, for example, of attacks. With. Critical infrastructure, where states are now taking violent countermeasures, is to be expected. No hacker likes to play with the entire state.” The best way to protect crypto money from such attacks is to store it on a computer that is not connected to the Internet.
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