Shiba Inu Comes to Bitmart’s Rescue Post the $200 million Hack

By Sunil Sharma
Published December 6, 2021 Updated December 6, 2021
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Shiba Inu Comes to Bitmart’s Rescue Post the $200 million Hack

By Sunil Sharma
Published December 6, 2021 Updated December 6, 2021

After the crypto exchange, Bitmart fell prey to one of the biggest hacks in crypto’s recent history, amounting to $196 million in investors’ funds, the exchange has also experienced a wave of support from the entire crypto community. Earlier today, the official Twitter account of the trending meme token, Shiba Inu mentioned Bitmart’s hack in one of its tweets, extending their support to the exchange platform.

Bitmart lost nearly 900 billion Shiba Inu tokens, as well as other meme coins, like Floki, Moonshot, BabyDoge also vanished from the exchange’s hot wallets. Additionally, several altcoins such as Safe Moon, Binance Coin (BNB), BSC-USD and BNBBPay (BPay) were also stolen.

Along with the SHIB army, the crypto exchange giant, Huobi also offered help to Bitmart’s exchange platform, post the hack. Yesterday, Huobi exchange tweeted from its official handle that they would like to provide assistance in managing inflows of related assets by reporting and helping with any foreseeable issues, as soon as possible.

Here’s What Happened in the Bitmart Hack

Bitmart was hacked over the weekend, and in the blockchain security and data analytics firm, Peckshield’s words, it was a classic case of “transfer-out, swap, and wash”. The hack took place on Ethereum and the over-exploited, Binance Smart Chain (BSC). Nearly $100 million, along with another $96 million was transferred from hot wallets hosted on Ethereum and the Binance Smart Chain (BSC), respectively. Post the transfer, the exploiters allegedly utilised the decentralized exchange aggregator, ‘1inch’ to exchange the stolen funds for Ether (ETH), and then deposited them to a privacy mixer Tornado Cash. Furthermore, in lieu of the hack, Bitmart has temporarily suspended withdrawals as well.

“We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today. At this moment we are still concluding the possible methods used. Hackers were able to withdraw assets of the value of approximately 150 million USD.”, noted the crypto exchange platform.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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