In a scarily straightforward swap, transfer, and wash heist, a group of hackers have walked away with over $200 million in tokens from Bitmart, which was self-described to be "the most trusted cryptocurrency trading platform."
Awkward. Blockchain security and analytics company PeckShield found that a multi-chain attack stole $100 million in trillions of meme tokens like SHIB, ELON, LUFFY and more on the Ethereum blockchain. Then, PeckShield discovered that the attack also occurred on the Binance Smart Chain and the hackers had secured an additional $96 million in BSC tokens.
The silver lining with hackers is that it was unfortunately out of your hands, but for the person who forgot the password to his hard drive holding $240 million in Bitcoin, this was entirely his fault.
The offenders sold their tokens on the market, causing the value of these meme tokens to nose-dive, while they themselves appear to have gotten away with their antics. This is unfortunately not the only hack that has happened in the last week. On December 1st, BadgerDAO, an organisation that syncs bitcoin with decentralised finance apps, suffered a loss of $120 million following a hack that presently has no known trigger or motive. With reports like these and the fact that $SAND was hit in the Bitmart attack, it's a wonder that The Sandbox continues to see success.
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As an Ethereum-powered metaverse, The Sandbox allows its users (players?) to possess their own virtual real estate on a virtual set of islands. Someone shelled out $650,000 for a yacht. Of course, it's not a real yacht! Don't be responsi- I mean, ridiculous. What is ridiculous though is the $90 million in investments and brands, IPs and artists like Snoop Dogg, DeadMau5, Avenged Sevenfold, The Walking Dead, Smurfs and more signing on. Like, none of it is real.
"In response to this incident, BitMart has completed initial security checks and identified affected assets," said Sheldon Xia, CEO of Bitmart, in a Tweet. "This security breach was mainly caused by a stolen private key that had two of our hot wallets compromised. Other assets with BitMart are safe and unharmed." All withdrawals from the trading platforms have ceased temporarily and Xia continued to assure that those affected will be compensated out of Bitmart's own pocket. "During this period, we will strive to maintain transparency and we appreciate your support. Thank you very much," said the company.
Featured Image Credit: NetflixTopics: Cryptocurrency