Bitmart, a crypto exchange has lost an estimated $100 million in a large-scale security breach. Consequently, the firm has suspended all withdrawals.
The company in a statement on Saturday said, “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.”
Also, Bitmart’s chief Executive, Sheldon Xia, who took to Twitter to explain the incident said that the security breach happened due to a private key that was stolen which led to a break into two its big wallets. He also said that other assets with Bitmart are safe and unharmed.
Bitmart while trying to salvage the situation has initiated security checks and taken account of affected assets.
Xia also said that BitMart will use its own funding to cover the incident and compensate affected users.
Xia while assuring its clients said, “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”
Bitmart is expected to re-open on Tuesday.
