The BitMart exchange is a victim of a vulnerability: between $150 million and $200 million in cryptocurrencies were stolen.

The BitMart exchange was the victim of a major hack, with between $150 million and $200 million of cryptocurrencies stolen.

If there’s one thing crypto exchanges have yet to learn from conventional banks, it’s how best to secure their platforms. Hackers are common these days and the amounts stolen are often very, very high. Large sums of cryptocurrencies are stolen every time, often worth millions or even tens of millions of dollars. Even more important is the case of BitMart.

BitMart Exchange Victim of Huge Hack

The latest such hack was the victim of the BitMart exchange, a platform that also boasts of being “the most secure cryptocurrency trading platform.” In a company statement, we learn that the platform suffered a large-scale security breach in which hackers were able to steal between $150 million and $200 million worth of cryptocurrencies.

Cryptocurrency worth between $150 million and $200 million was stolen.

The company also explains that this vulnerability was caused by a stolen private key that compromised two hot wallets. The platform further states that BitMart’s other assets are fully protected and have not been affected. BitMart will also use its own funds to cover the incident and compensate users affected by this hack.

Also according to BitMart’s statement: “BitMart will use its own funds to cover the incident and compensate affected users. We will also be talking to several of our project teams to determine the most reasonable solutions, in particular the token swap. No user resources will be affected.”

He added: “Today we are doing everything we can to clean up the mess, including our security levels. We need time to organize everything properly and we would really appreciate your understanding during this time.”