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<ul class="summary-list"><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchange BitMart suspended withdrawals Sunday after hackers ran off with $196 million from wallets. </li><li>Sheldon Xia, BitMart's CEO, said on Monday the crypto was taken using a stolen private key. </li><li>Crypto fraud is on the rise. The BXH exchange lost $139 million last month after an admin key was leaked.</li></ul>Close to $200 million in cryptocurrencies has been stolen from wallets from the BitMart exchange using a stolen private key, according to the company's chief executive. On Monday BitMart's CEO Sheldon Xia said that they discovered that the cryptocurrencies were withdrawn using a <a href="https://twitter.com/sheldonbitmart/status/1467722437735428098">stolen</a> private key which usually enables a user to access their <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>."We have identified a large-scale security breach related to one of our ETH (ether) hot wallets and one of our BSC (binance smart chain) hot wallets, " Xia said on <a href="https://twitter.com/sheldonbitmart/status/1467316252855226368">Twitter</a>.PeckShield inc, a data analytics company said on Twitter Sunday $100 million was taken from the <a href="https://twitter.com/peckshield/status/1467302620000043013">ethereum network</a> and $96 million from the <a href="https://twitter.com/peckshield/status/1467310381073047552">binance smart chain</a> blockchain. The assets affected included meme coins floki inu and shiba inu, among several other altcoins. PeckShield inc. said that the money was stolen <a href="https://twitter.com/peckshield/status/1467318513971118083">using</a> a "pretty straightforward: transfer-out, swap, and wash" technique. After getting the funds out of BitMart, the hackers may have used a decentralized exchange aggregator to swap the stolen tokens for ether, according to PeckShield's tweet. Then the hacker could have deposited the funds into a privacy protocol, which makes the money difficult to trace.Xia had said on Twitter Sunday approximately $150 million was<a href="https://twitter.com/sheldonbitmart/status/1467316252855226368"> stolen </a>from the centralized global exchange that is based in the Cayman Islands and BitMart suspended withdrawals from its crypto wallets. He has since said the company hopes to gradually <a href="https://twitter.com/sheldonbitmart/status/1467722815071739909">resume</a> the deposit and withdrawal functions on December 7. Xia also said BitMart will use its own funding to <a href="https://twitter.com/sheldonbitmart/status/1467722582845702149">compensate</a> affected users and they were talking to project teams about the most reasonable solutions such as token swaps. BitMart is not the only exchange to be hacked using a private key. In early November, $139 million was taken from the Boy X Highspeed, decentralized cross-chain exchange. The company's CEO Neo Wang told CoinDesk this was due to a leaked administrator key and was probably an<a href="https://www.coindesk.com/tech/2021/11/01/139m-bxh-exchange-hack-was-the-result-of-leaked-admin-key/"> inside job</a>. Last week, the <a href="https://www.youtube.com/watch?v=IrRC8KDBSww">Celsius</a> Network's CEO Alex Mashinsky said the crypto lending platform had lost $120 million from a hack on BadgerDAO, a decentralized finance platform.In August, more than $600 million worth of cryptocurrencies was stolen from the poly network, but nearly half of the <a href="https://markets.businessinsider.com/news/currencies/poly-network-crypto-hackers-return-half-600-million-stole-defi-2021-8">money</a> was later returned.

BitMart suspends withdrawals after hackers drained almost $200 million in cryptocurrencies using a stolen private key

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BitMart suspends withdrawals after hackers drained almost $200 million in cryptocurrencies using a stolen private key

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