Bitmart Says It Lost USD 150M In a Hack, Suspends Withdrawals

Ethereum Exchange Hack Security

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Linas Kmieliauskas

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Linas Kmieliauskas

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June 26, 2023

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One of the top 30 crypto exchanges, Bitmart, confirmed it has lost around USD 150m in a hack today, December 5, and has temporarily suspended withdrawals until further notice.

The company said they have identified “a large-scale security breach” related to one of their Ethereum (ETH) hot wallets and one of their Binance Smart Chain hot wallets.

“At this moment we are still concluding the possible methods used,” Bitmart said, adding that the affected wallets “carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed.”

The exchange was established in 2017 and claims it has more than 9 million users. It listed Alexander Capital Ventures and Fenbushi Capital among its investors.

The 24-hour trading volume on Bitmart surpassed USD 1.4bn, per Coingecko data, which ranks the platform as the 25th largest exchange by daily trading volume.
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