Shiba Inu Comes to Bitmart’s Rescue Post the $200 million Hack

After the crypto exchange, Bitmart fell prey to one of the biggest hacks in crypto’s recent history, amounting to $196 million in investors’ funds, the exchange has also experienced a wave of support from the entire crypto community. Earlier today, the official Twitter account of the trending meme token, Shiba Inu mentioned Bitmart’s hack in one of its tweets, extending their support to the exchange platform.

Bitmart lost nearly 900 billion Shiba Inu tokens, as well as other meme coins, like Floki, Moonshot, BabyDoge also vanished from the exchange’s hot wallets. Additionally, several altcoins such as Safe Moon, BINANCE Coin (BNB), BSC-USD and BNBBPay (BPay) were also stolen.

Dear #ShibArmy,

Even though the core of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange, who are already working hard to fix the security incident that happened yesterday. pic.twitter.com/CJZjQHaP59

— Shib (@Shibtoken) December 5, 2021

Along with the SHIB army, the crypto exchange giant, Huobi also offered help to Bitmart’s exchange platform, post the hack. Yesterday, Huobi exchange tweeted from its official handle that they would like to provide assistance in managing inflows of related assets by reporting and helping with any foreseeable issues, as soon as possible.

Huobi will do our best to assist #BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner.

— Huobi (@HuobiGlobal) December 5, 2021

Here’s What Happened in the Bitmart Hack

Bitmart was hacked over the weekend, and in the blockchain security and data analytics firm, Peckshield’s words, it was a classic case of “transfer-out, swap, and wash”. The hack took place on Ethereum and the over-exploited, Binance Smart Chain (BSC). Nearly $100 million, along with another $96 million was transferred from hot wallets hosted on Ethereum and the Binance Smart Chain (BSC), respectively. Post the transfer, the exploiters allegedly utilised the decentralized exchange aggregator, ‘1inch’ to exchange the stolen funds for Ether (ETH), and then deposited them to a privacy mixer Tornado Cash. Furthermore, in lieu of the hack, Bitmart has temporarily suspended withdrawals as well.

“We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today. At this moment we are still concluding the possible methods used. Hackers were able to withdraw assets of the value of approximately 150 million USD.”, noted the crypto exchange platform.