Sheldon Xia, the CEO of BitMart, stated that hackers managed to steal $196 million of crypto by stealing a private key that could open two hot wallets.
The hackers did away with $100 million worth of several cryptos on the Ethereum blockchain and $96 million on Binance Smart Chain, according to crypto security company Peckshield.
BitMart managed to finalize an early-stage investigation and discovered the affected assets. It has been revealed by Xia that the company will compensate the affected users with its own money.
The exchange will confirm a timetable for steadily continuing deposits and withdrawals with the plan of resuming the activity tomorrow.
The hacker relied on decentralized exchange aggregator 1inch for swapping stolen tokens for Ether and then deposited the ETH funds to privacy mixer Tornado Cash in order to conceal their identities.
Huobi has confirmed that it plans to help BitMart follow the inflow of assets on its exchange. The Shiba Inu community has also decided to get involved with helping BitMart as it is already working on analyzing potential security threats for ShibaSwap.