Crypto exchange BitMart vows to compensate for $205 million hack

Crypto exchange BitMart vows to compensate for $205 million hack

NEW YORK (BLOOMBERG) – Crypto exchange BitMart will use its own funding to compensate users affected in a security breach that saw hackers withdraw about US$150 million (S$205 million) of cryptocurrencies, according to a tweet by its chief executive officer.

“No user assets will be harmed,” and the company expects to resume deposit and withdrawal functions on Tuesday (Dec 7), Mr Sheldon Xia tweeted Monday.

Mr Xia said he will share more information on last week’s breach and the compensation arrangement in a live discussion on social-media and messaging platform Telegram at 8 pm New York time Monday.

Last week, BitMart closed a Series B funding round led by New York-based private equity firm Alexander Capital Ventures that valued the crypto exchange at more than US$300 million. BitMart, which says its offices are distributed in New York, Hong Kong, Singapore and Seoul, and Alexander Capital Ventures did not immediately respond to requests for comment.

BitMart is the latest victim of cryptocurrency hacks, a key risk as the sector gradually goes mainstream.

Last week, cryptocurrency lender Celsius Network, which has raised funds from major investors including Canadian pension fund Caisse de Depot et Placement du Quebec, confirmed it lost funds as a result of a hack of BadgerDAO, a decentralised finance platform.

In August, hackers stole US$600 million worth of crypto tokens from another DeFi protocol known as PolyNetwork in what was considered to be the largest DeFi hack ever, though they later returned the money.

The disclosure of BitMart’s hack came after cryptocurrency prices plunged over the weekend. Bitcoin fell more than 20 per cent to as low as US$42,296 in Saturday trading, and then pared the losses to trade at about US$48,900 on Monday morning in New York. It is still up around 69 per cent this year.

BitMart’s hack, first revealed by blockchain security firm PeckShield I and later confirmed by the exchange, was caused by a stolen private key that compromised two of its “hot wallets”, according to Mr Xia’s tweets.

PeckShield estimates the total loss is about US$200 million, greater than the US$150 million indicated by BitMart’s Mr Xia. Crypto hot wallets, unlike cold wallets, are connected to the Internet; they offer more convenience but are less secure.

News Related

OTHER NEWS

UBS Acquires Wealthfront for $1.4 Billion in Its Push for Young Investors

On Wednesday, Swiss bank UBS announced that it had acquired digital-investment platform Wealthfront for $1.4 billion. The bank noted that this acquisition will aid its growth ambitions in the U.S., ... Read more »

A new Crysis game is under development, confirms Crytek

Crytek, the game studio behind the graphic-heavy first person shooter series Crysis, is working on a fourth Crysis mainline game. The game developer announced it on Twitter and on ita ... Read more »

The big antivirus players could soon be in some serious trouble

The $2 billion global antivirus market may be huge, but its size doesn’t necessarily guarantee its survival, a new report has hinted. After surveying almost 1,000 U.S. adults, Security.org found ... Read more »

IBM teases next-generation Z Series mainframe

A new model of IBM’s Z Series mainframes is set to arrive later this year, the company has confirmed. Expected to arrive halfway through 2022, IBM’s z15 successor was confirmed ... Read more »

QNAP NAS devices left encrypted by Deadbolt ransomware

QNAP NAS devices across the globe have been hit by a widespread cyberattack after the DeadBolt ransomware group began to encrypt the network-attached storage devices. QNAP NAS users reported finding ... Read more »

Epic Games creates new studio to push ‘the boundaries of graphics' and Unreal Engine 5 to its limits

Epic Games is creating a new studio to make “original standalone experiences” that aim to “push the boundaries of graphics and game development forward”, according to an official blog post. ... Read more »

Tencent plans to take US-listed streaming firm DouYu private: Report

Tencent Holdings Ltd plans to take DouYu International Holdings Ltd private amid disagreements over strategy among executives at the Chinese videogame streaming firm, two people with direct knowledge of the ... Read more »

EU gives deadline to WhatsApp to clarify privacy policy change

Facebook unit WhatsApp has been given until the end of February to explain changes to its privacy policy and whether this complies with EU consumer protection laws after complaints from ... Read more »

Get Microsoft Office Home and Business on your Mac for One Low Price

Looking for ways to work smarter and be more productive in 2022? You need software that will help you stay on the cutting edge and work more seamlessly than ever. ... Read more »

3 Ways NFT Gaming Is Building New Wealth Opportunities

A new use-case for cryptocurrency is booming, particularly in parts of Asia, and it’s gaining traction in other parts of the developing world. Not only is “play-to-earn” a new source ... Read more »

Amazon reportedly disbands the scheme that paid employees to praise the company on Twitter

E-commerce giant Amazon has shut down a controversial influence campaign in which it paid its employees to tweet nice things about the company, Financial Times reported on Thursday.Employees at the ... Read more »

Intel posts record quarter, but why analysts are not happy

Chipmaker Intel Corp posted record fourth-quarter revenue, but forecast first-quarter earnings short of Wall Street expectations, as the world’s largest chipmaker faces challenges linked to persistent global supply chain problems. ... Read more »

HP, Lenovo may be working on Chromebooks with RGB keyboard, this is what it means

HP is reportedly planning to launch a Chromebook with RGB lighting keyboard under its Omen lineup. According to a report by 9to5Google, Google has been preparing its operating system for ... Read more »

Why is crypto down so much? Uncertainty in traditional markets and Fed concerns, experts say

Over the past week, the cryptocurrency market has experienced massive drops, reaching lows not seen in months. According to CNBC, Bitcoin plunged below $33,000 on Monday, the lowest it’s been ... Read more »

Some iPhone 14 models might not have a SIM card slot

We’re expecting big changes for the iPhone 14 range, and one of those changes might affect the humble SIM card, as the iPhone 14 might not have a removable one ... Read more »

Massive AirPods deals at Amazon: Apple's AirPods 2 and AirPods Pro on sale

Amazon’s latest sale is blowing out Apple’s best-selling AirPods with fantastic deals on Apple’s best-selling earbuds. For a limited time, you can get the Apple AirPods 2 on sale for ... Read more »

This smart TV is on sale for just $200 at Amazon Canada: 'Worth every penny':

This smart TV is on sale for just $200 at Amazon Canada (Photo via Amazon) Yahoo Lifestyle Canada is committed to finding you the best products at the best prices. ... Read more »

Lamborghini speeds into NFT market with space-inspired artwork

Lamborghini’s first NFT is taking the luxury sportscar maker to space. The Italian automaker announced plans to auction off its first non-fungible token, a piece of art called Space Time ... Read more »

YouTube permanently bans Fox News host Dan Bongino for evading Covid misinformation suspension

The video giant has added more rules around Covid-19 content as the pandemic has worn on. Read more »

This new Zoom feature could save you from an embarrassing blunder

Zoom has unveiled a series of new features for its video conferencing software, one of which could prevent users from making a serious workplace faux pas. As explained in a ... Read more »

Horizon Forbidden West PS4 footage finally shared and there's nothing to worry about

To celebrate Horizon Forbidden West going gold, Sony and Guerrilla Games have finally shared footage of the PlayStation 4 version. A brief clip can be seen on YouTube via the ... Read more »

Intel Arc Alchemist GPU spotted with 12GB of VRAM

A leaked photo has shed further light on Intel’s Arc Alchemist graphics cards, and specifically the memory configuration of one of these incoming GPUs. The image, shared on Twitter by ... Read more »

Two Point Campus opens its doors in May, and launches day one on Xbox Game Pass

Sega and Two Point Studios have announced that Two Point Campus, the successor to 2018’s Two Point Hospital, will release on May 17 for consoles and PC. Not only that, ... Read more »

Google reportedly expands Android Games on Windows beta testing to more regions

Windows 11 Android support had a rocky start and after delaying the feature a couple of times Microsoft finally started testing it in the Windows Insider Preview beta. While the ... Read more »

White House expands digital regulations for U.S. water supply

The new recommendations follows similar White House initiatives for the aviation and gas pipeline sectors. Read more »

Paytm Money launches ‘Pops' messenger

One97 Communications Limited which owns digital payments and financial services platform Paytm has announced that its wholly-owned subsidiary Paytm Money has introduced “India’s first” intelligent messenger called ‘Pops’.With ‘Pops’, users ... Read more »

EU watchdog clears Facebook's purchase of Kustomer startup

The Associated PressFILE – Facebook’s Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2021. European Union regulators have approved Facebook parent Meta’s ... Read more »

Garena Free Fire launches special video featuring Olympic Gold medallist Neeraj Chopra

Garena has launched a special video featuring sports icon Neeraj Chopra. The Free Fire Stories Gold Edition video has Neeraj rolling back the years as he talks about his own ... Read more »

Tragedy as two teenagers found dead at nature reserve

Two teenagers have been sadly found dead POLICE are investigating after two teenagers were found dead at a nature reserve. Officers were called to Bothenhampton Nature Reserve, Bothenhampton, near Bridport, ... Read more »

Nearly 30,000 Bitcoin millionaires wiped off in last 3 months: Report

According to data acquired by financial news portal Finbold, between October and January, the number of Bitcoin addresses holding over $1 million has reduced by 28,186 or 24.26 per cent. ... Read more »

This Microsoft Edge update is a dream for all you clumsy typists

Spelling errors may soon be a thing of the past for Microsoft Edge users thanks to a new update coming to the software. The company has revealed it is working ... Read more »

Best crossplay games: top titles to play with friends across platforms

If you’re on the hunt for the best crossplay games, then you’re in the right place. Crossplay games are growing in number by the day, meaning that anyone hoping to ... Read more »

The Surface Pro 8 just hit its Black Friday price at Walmart with this $200 off deal

Looking for a premium tablet that looks great and runs even better? Then check out Walmart’s latest deal on the excellent Microsoft Surface Pro 8. Retailing at $899 (was $1,099), ... Read more »

PSVR 2 could have a far more impressive display than Oculus Quest 2

PSVR 2 will reportedly have one of the most pixel-dense displays of any VR headset to date with over 800 PPI (pixel-per-inch) per eye, double that of Oculus Quest 2. ... Read more »

Chinese Big Tech firms led by Tencent, Baidu among world's top-ranked filers of VR, AR patent applications as metaverse interest surges

Chinese Big Tech companies, led by internet giants Tencent Holdings and Baidu, comprised more than half of the world’s top 10 filers of patent applications for virtual reality (VR) and ... Read more »

WeCool Moonwalk M2 TWS earbuds launched with ENC and dedicated gaming mode

WeCool has expanded its audio portfolio with the launch of new TWS earbuds in India. Dubbed Moonwalk M2, the TWS earbuds come with ENC (Environmental Noise Canceling) and dedicated gaming ... Read more »

Streaming platforms have become a way for artists to make their voices heard

Neil Young has given Spotify an ultimatum: remove the Joe Rogan Experience podcast or Neil Young walks. In a letter to his management team and label, the 79-year-old rocker lambasted ... Read more »

Your iPhone may soon be able accept contactless payments directly

Apple is reportedly looking to move into the POS game by adding Square-like payments into your iPhone. Bloomberg reports the company will build the capability directly into its devices, meaning ... Read more »

Ready to delete Amazon for good? Talking Tech

Hit play on the player above to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current ... Read more »

Why Intel's '$1.2 billion victory' is good news for Google, Apple, Amazon and others

Intel on Wednesday won its appeal against a 1.06-billion-euro ($1.2 billion) EU antitrust fine handed down to the U.S. chipmaker twelve years ago for stifling a rival, in a major ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic