Days after hack, Bitmart resumes withdrawal, deposits of ETH


TL;DR Breakdown

  • Bitmart resumes withdrawal, deposit of ETH.
  • Exchange replaces deposits addresses for coins.
  • Promises to refund users affected during the Saturday hack.

Seventy-two hours after a massive hack that saw around $200 million stolen from BitMart, the exchange has resumed withdrawals and deposits of Ethereum.

Sheldon Xia, the exchange CEO, announced in a tweet on Wednesday where he said Withdrawals and deposits for other tokens would follow shortly. The exchange is also replacing all deposit addresses for bitcoin, ether, and Solana to tighten loose ends and forestall future hacks.

The exchange asked users to log out of their accounts and log back in to ensure they use the right address in a blog post.

“As part of our security upgrade, the exchange will be replacing all deposit addresses, including BTC, ETH, SOL, and all other tokens.

“Please verify the deposit addresses with BitMart before initiating any deposits. Tokens may not be retrievable if they are mistakenly deposited into the wrong addresses. BitMart is not responsible for faulty deposits.

“For your safety, you are encouraged to log out of your BitMart account and re-login to ensure you find the new deposit addresses.

Bitmart hack

Hackers hit the exchange on Saturday. They cart away coins worth $150 million. The hackers targeted the Ethereum and BSC hot wallets of the exchange and withdrew large amounts of 48 different tokens, including SHIB, MANA, BNB, BUSD, Safemoon, Floki, BabyDoge, GMEX, and others.

Cybersecurity analysis firm Peckshield on Twitter first identified the hack. Peckshield spotted a steady outflow of massive token balances from a certain Bitmart address. The address is now marked as “Bitmart Hacker” on Etherscan.

Exchange to compensate victims for their loss

Sheldon Xia, promised that the exchange would refund all affected users in the $196m hack on Saturday night. The exchange said it would pay back from its pocket.

“The exchange will use our funding to cover the incident and compensate affected users,” wrote Xia. “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”

“We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed, he wrote.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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