Losses from BitMart breach reach $200 million

Crypto trading platform BitMart released an update on the devastating security breach that caused about $200 million in losses, writing on Monday that the breach was “mainly caused by a stolen private key that had two of our hot wallets compromised.”

On Saturday, the platform said a security breach allowed hackers to withdraw $150 million worth of cryptocurrency. Blockchain security company PeckShield said the losses were actually around $196 million, with about $100 million in various cryptocurrencies coming from Ethereum blockchain and $96 million coming from currencies on the Binance Smart Chain. 

BitMart suspended withdrawals on December 4 after securing the affected Ethereum and Binance Smart Chain hot wallets.

“Other assets with BitMart are safe and unharmed. BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps,” the company said on Monday. 

“No user assets will be harmed. We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated. In terms of asset deposit and withdrawals, we are confident that deposit

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