If there is one thing that perhaps crypto exchanges should learn from banks is how to better secure their platforms. In recent times, we’ve come across one too many instances of exchanges being hacked and cryptocurrency being stolen. The latest hack comes from BitMart, a crypto exchange who has actually billed themselves as being “the most trusted crypto trading platform”. In an announcement by the company, it appears that they have suffered from a large-scale security breach in which hackers have managed to steal cryptocurrency worth $150 to $200 million.
The company says that this breach was caused by a stolen private key that had two hot wallets compromised. They also say that other assets in BitMart are safe and unharmed, and that they will be using their own funding to cover the incident and compensate affected users.
According to BitMart, “BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”
They add, “We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated.”
Filed in . Read more about Cryptocurrency and Hack. Source: vice