As regulatory uncertainty continues to plague the global digital asset ecosystem, there are many anti-crypto proponents who continue to harp on the fact that the industry as a whole has a long way to go when it comes to securing itself in a manner that is anywhere comparable to the traditional finance system. Now, with the recent Bitmart hack coming to light, these individuals have been given even more firepower.

To recap, on Dec 5, cryptocurrency exchange Bitmart was on the receiving end of a major hack that saw the platform lose nearly $200 million via a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains. The breach was first exposed by blockchain security firm Peckshield whose cybersecurity team revealed that nefarious third parties were able to initially transfer roughly $100 million via the Ethereum blockchain, followed by another concurrent hack of $96 million using the crypto exchange’s BSC reserves.

The hackers were able to accrue over 20 tokens including a number of altcoins such as Binance Coin (BNB), SafeMoon (SAFEMOON), BSC-USD and BNBBPay (BPay). They were also able to steal decent quantities of meme tokens including Baby Doge Coin (BabyDoge), Floki Inu (FLOKI) and Moonshot (MOONSHOT). As per PeckShield’s security team, the entire scheme can be attributed to a simple “transfer-out, swap and wash” maneuver.

Bitmart responds

To gain a better understanding of how the entire incident came to be, Cointelegraph reached out to Bitmart. A spokesperson for the trading platform pointed out that as soon as the breach was discovered,…

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