Crypto exchange Bitmart lost about $200 million in a hot wallet compromise over the Ethereum and Binance Chain blockchains.

Peckshield, a blockchain security and data analytics company, first revealed the $200 million Bitmart hack. According to the company, the hack represents a transfer of about $100 million over the Ethereum blockchain.

Further investigation from the team revealed a concurrent hack of $96 million over the crypto exchange’s BSC reserves:

Total estimated loss: ~200M (~100M on @ethereum and ~96M on @BinanceChain ). (Previously we only counted the loss on @ethereum). And here is the list of affected assets/amounts on @BinanceChain pic.twitter.com/cXXApDFtd7

— PeckShield Inc. (@peckshield) December 5, 2021

The hackers fled away with over 20 tokens including Altcoins like Binance Coin (BNB), BNBBPay (Bpay), BSC-USD and Safemoon. The hack also affected meme-based coins such as Floki, Moonshot and BabyDoge.

According to Peckshield, the hack was a straightforward case of transfer-out, swap, and wash:

Bitmart CEO Sheldon Xia later confirmed the hack over Twitter as a “large-scale security breach” on ETH and 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 million.”

“3/3 At this moment we are temporarily suspending withdrawals until further notice. We beg for your kind understanding and patience in this situation. Thank you very much.”

— Sheldon Xia (@sheldonbitmart) December 5, 2021

The hacks continue to threaten the cryptocurrency system. For instance, Celsius, a cryptocurrency lending platform confirmed a $50 million loss in the exploit of decentralized finance (DeFi) protocol BaderDAO.

On Thursday, the protocol officially announced the BadgerDAO’s security breach. It stated that it had received several exports of unauthorized withdrawals of user funds on Wednesday.

As a preventive measure similar to that of Bitmart, the Badger team said it had paused all smart contracts on the protocol to prevent any losses. They added that it is still investigating the problem.