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Crypto platform BitMart loses $150m in weekend hack

By Joyanta Acharjee

15:42, 6 December 2021

A pile of physical cryptocurrency coins
The cryptocurrency platform confirmed a “large-scale security breach” – Photo: Shutterstock

A cryptocurrency platform has confirmed a “large-scale security breach” resulting in the loss of about $150m (£113m) in assets to hackers over the weekend.

“We have identified a large-scale security breach related to one of our ETH hot wallets and one of our (Binance Smart Chain) hot wallets today,” BitMart said in a blog post.

“At this moment we are still concluding the possible methods used," the company said. “Hackers were able to withdraw assets of the value of approximately $150m”.

Withdrawal suspension

The exchange said it has temporarily suspended withdrawals until further notice.

BitMart is a centralized crypto exchange based in the Cayman Islands with four offices located in New York, China, Hong Kong and Seoul.

According to data compiled by, BitMart is ranked 115 amongst crypto exchanges based on traffic, liquidity, trading volumes and confidence in the legitimacy of reported trading volumes.

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0.10 Price
-6.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.0012872


2,223.87 Price
-5.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00


0.62 Price
-6.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


0.00 Price
-12.920% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.00000338

BitMart CEO responds

“BitMart will use our own funding to cover the incident and compensate affected users,” BitMart founder and CEO Sheldon Xia said in a series of tweets.

BitMart’s Xia added that deposit and withdrawal functions would begin on 7 December with the exact timeline to be announced “very soon”.

Collected Tweets from BitMart CEO Sheldon XiaBitMart's Sheldon Xia responds to the weekend hack – Photo: Twitter

Losses near $200m

However, a tweet from third-party security and data analytics firm PeckShield put BitFarm’s losses closer to $200m.

A tweet from PeckShield outlining BitMart's lossesA tweet from PeckShield outlining BitMart's potential losses – Photo: Twitter

Earlier this year, decentralised finance platform Poly Networks reported a hack of over $600m in assets, which were then returned by the hacker.

Read more: Safemoon price prediction: Will the price break out?

Markets in this article

Ethereum / USD
2223.87 USD
-136.06 -5.760%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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