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.
