The Bitmart Hack and How Blockchain Can Help?

In 2018, Bitmart was hacked, making it the biggest crypto hack in 2018. The hack is quite interesting because it highlights the vulnerabilities in the cryptocurrency market. On July 26th, 2018, hackers from a group called “Bitmex” stole 150 million dollars worth of Bitcoin from Bitmart. The hackers put up a fake website and phished email address to defraud investors. A few days later, they stole an additional 20 million dollars worth of Bitcoin from Bittrex and then finally another 100 million dollars worth of Bitcoin from Binance. The total amount that was stolen is over $1 billion (in USD).On December 19, 2018, Bitmart, a South African cryptocurrency exchange was hacked for over $7 million worth of Bitcoin. BitMart is located in South Africa and was founded with the idea of being an online marketplace for virtual goods.

Bitmart Hack is just one of the latest cryptocurrency exchanges to be hacked. This hack has put the cryptocurrency market in a state of panic as it shows that there are still vulnerabilities in the market. The website offered digital goods at discounted prices as well as discounts on digital currency purchases. The site also created an easy to use interface which made trading cryptocurrencies more accessible to people who were not experts in cryptocurrencies or had never traded before. On the morning of June 11, 2018, Bitmex and Bittrex were hacked by a group who called themselves “The Mage”. They stole over $1 billion from the exchanges. The group took control of both websites and announced that they would exchange Bitcoin for Ethereum. In response to this hack, many people started asking questions about the cryptocurrency market’s vulnerability to hacks. Bitmart Hack Bitmex has been known as one of the most secure crypto exchanges in existence due to it’s use of multi-sig cold wallets at all times.

On June the 5th, 2018, BitMart, a South Korean cryptocurrency exchange was hacked for $36 million. In order to maintain the security standards for their customers and prevent such hacks from happening again, Bitmart put in place some new policies and procedures. This includes implementing an additional layer of security through their own wallet system which is meant to prevent losses like these from happening again in the future. The rise of cryptocurrency exchanges has led to a significant increase in cybercrime related with crypto-assets such as hacking. In 2018 alone there were 3.5 million cases that have been reported globally by hackers against Bitcoin wallets – this represents more than twice as many cases than reported in all of 2017.