BitMart Hot Wallet Security Breach

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BitMart Logo

BitMart is one of the largest cryptocurrency exchange platforms in the globe. On December 4th, two of their hot wallets were breached and $196m worth of various assets were rapidly withdrawn. After the initial confusion, the company started their investigation. Limited information has been revealed publicly, however the company has stated they will be fully compensating all affected users.

[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36]

About BitMart

Bitmart, established in 2017 with over 9 million users, ranks among the top exchanges by daily trading volume[37]. BitMart boasts around nine million users globally and is one of the world's top crypto exchanges by trading volume[32].

"The most trusted cryptocurrency trading platform. "Our mission is to provide simple and secure crypto products and services. Whether you are an individual or an institution, we want to help you buy, sell, and store your cryptocurrency." "BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market with over 2 million users worldwide." "BitMart is a Cayman Islands-based centralized cryptocurrency exchange with offices in New York, China, Hong Kong, and Seoul. BitMart is rated 115 among crypto exchanges by Coinmarketcap.com, based on traffic, liquidity, trading volumes, and trust in the validity of stated trade volumes."

"Our vision is to bring cryptocurrency available to everyone everywhere, we believe, the decentralized digital currency will reshape the global economic fundamentally, such financial freedom would bring further economic innovation, efficiency, and equality to the world. But it won’t happen unless we build simple, and secure products for individuals and institutions around the world to discover and interact with this new frontier."

"Only less than 0.5% of our assets are stored in a hot wallet for daily operation in order to strengthen the protection of digital assets." "More than 99% of our funds are stored in offline cold wallets to prevent feature loss and funding from cold wallet requires multiple signatures from several high-level members."

"Global digital asset trading exchange BitMart has recently started a collaboration with Hacken, a leading cybersecurity consulting company, to strengthen BitMart’s security of trading cryptocurrencies for its users all around the world." "Hacken will support BitMart to ensure the platform remains secure by operating cybersecurity assessments to spot potential vulnerabilities and providing solutions accordingly. As for first steps, Hacken Tam will perform penetration and DDOS resistance testing in order to confirm the safety of our users' funds. By applying Hacken's anti-fraud technology, BitMart can provide a hacker-resistant system for securing transactions on the blockchain."

“BitMart values cybersecurity of our exchange platform more than anything,” said Sheldon Xia, CEO at BitMart, “and Hacken’s zero-tolerance to scam and fraud in crypto aligns with our mission to protect our digital assets, personal data of our users from cybercriminals. We are excited to collaborate with Hacken to make the goal of establishing one of the safest cryptocurrency trading environments in the world come true.”

The Reality

The BitMart platform or infrastructure contained a vulnerability enabling an adversary to obtain the hot wallet private keys for an Ethereum and Binance Smart Chain hot wallet.

What Happened

The private key for the hot wallet was obtained and used to withdraw $196m worth of cryptocurrencies from the exchange platform[32]. The funds were swapped via 1inch and mixed using TornadoCash[32].

Key Event Timeline - BitMart Hot Wallet Security Breach
Date Event Description
December 4th, 2021 7:55:21 PM MST CoinDesk Article Published CoinDesk reports on the BitMart breach.
December 4th, 2021 9:30:00 PM MST BitMart Twitter Announcement BitMart anknowledges the exploit on Twitter[38] and links to a new support article on their website[28].
December 4th, 2021 10:01:00 PM MST CertiK Community Alert CertiK shares the community alert on Twitter to notify about the breach of the BitMart hot wallets[33].
December 5th, 2021 3:25:00 AM MST CryptoNews Article Published CryptoNews reports that Bitmart, has reported a security breach resulting in the loss of approximately $150 million[37]. The breach affected one of their Ethereum (ETH) hot wallets and one of their Binance Smart Chain hot wallets. Withdrawals have been temporarily suspended while the company investigates the breach, but they have assured users that the affected wallets contained only a small percentage of their assets, with all other wallets being secure.
December 16th, 2021 9:00:00 AM MST CPO Magazine Article CPO Magazine reports that users will be partially compensated for the total loss of around $196 million in user wallet funds[32]. BitMart is using its internal estimate of $150 million as a guideline for compensating affected users[32]. A third-party security firm, Peckshield, reported the breach and estimated the loss at approximately $196 million[32]. BitMart clarified that despite the disparity in amounts, no user assets will be affected by this breach[32]. While the exchange didn't provide a specific timeline for compensating victims, it pledged to use its own funds for this purpose[32]. The stolen funds were described as "only a small percentage" of BitMart's total assets[32].
December 22nd, 2021 8:04:00 PM MST Deposit and Withdrawal Announcement BitMart announces on Twitter that they "will begin resuming deposit and withdrawal features of Filecoin, Litecoin, Apollo, Dash related tokens" [14][39].
December 22nd, 2021 9:00:00 PM MST Deposit Functions Available BitMart reportedly opens up the deposit for "Filecoin, Litecoin, Apollo, Dash related tokens"[14][39].
December 22nd, 2021 10:00:00 PM MST Withdrawal Functions Available BitMart reportedly opens up the withdrawals for "Filecoin, Litecoin, Apollo, Dash related tokens"[14][39].

Technical Details

The BitMart hot wallet was breached and funds were ultimately mixed via the 1Inch exchange and TornadoCash.

Initial Hot Wallet Vulnerability

The stolen funds appear to have come from just two hot wallets (internet-connected wallets) and were accessed through the theft of a private key[32].

Fund Mixing Via 1Inch Exchange/TornadoCash

Peckshield, the security firm that initially reported the breach, revealed that the thieves laundered the stolen cryptocurrency through various steps, including decentralized exchanges and privacy mixers, to obscure the origins of the funds[32].

Total Amount Lost

There's some disagreement over the exact amount stolen, BitMart is using its internal estimate of $150 million as a guideline for compensating affected users. A third-party security firm, Peckshield, reported the breach and estimated the loss at approximately $196 million[32]. The stolen funds appear to have come from just two hot wallets (internet-connected wallets) and were accessed through the theft of a private key[32].

The total amount lost has been estimated at $196,000,000 USD.

Immediate Reactions

Initial Analysis From PeckShield

BitMart Initial Dismissal

Initially, BitMart representatives dismissed reports of the hack as "fake news" and claimed the outflows were regular withdrawals[1]. However, BitMart CEO Sheldon Xia later confirmed that the outflows were indeed a result of a "security breach."[1]

Suspension Of Withdrawals

Following the breach, BitMart suspended all trading on its exchange[32]. It began restoring crypto exchange trading functions on December 7[32]. While the exchange didn't provide a specific timeline for compensating victims, it pledged to use its own funds for this purpose[32]. The stolen funds were described as "only a small percentage" of BitMart's total assets[32].


Crypto exchange BitMart experienced a significant security breach, with estimated losses of $196 million in various cryptocurrencies[1]. The breach came to light through a tweet from security analysis firm PeckShield, which highlighted continuous outflows of token balances from BitMart's address to an address labeled "BitMart Hacker."[1]

According to PeckShield's estimate, the losses included $100 million in various cryptocurrencies on the Ethereum blockchain and $96 million on the Binance Smart Chain[1]. The attacker systematically used a decentralized exchange (DEX) aggregator called 1inch to swap the stolen assets for Ether (ETH) and then deposited the ETH into the privacy mixer Tornado Cash to obscure the source of the funds[1].



"A tweet from security analysis firm Peckshield first called attention to the alleged hack Saturday night. One of Bitmart’s addresses currently shows steady outflows of entire token balances, some worth tens of millions of dollars, to an address currently labeled by Etherscan as the “Bitmart Hacker”"

"PeckShield initially detected an unusually high number of outbound transfers about 7.30 p.m. UTC. It was discovered that starting at 4.30 p.m. EST, a number of tokens were transferred out of BitMart’s hot wallet. Large quantities of meme tokens, such as Shiba (SHIB), as well as half a million dollars in the stable coin USDC, were among the tokens."

"In a follow-up tweet, Peckshield estimated the losses to be $100 million in various cryptocurrencies on the Ethereum chain, and $96 million on Binance Smart Chain."

"Peck Shield Co., Ltd. said that money was stolen using “Very easy: transfer, replacement, and cleaning” technique."

"The hacker has been systematically using decentralized exchange aggregator 1inch to swap the stolen assets for the cryptocurrency ether (ETH), and using a secondary address to deposit the ETH into privacy mixer Tornado Cash thus making the hacked funds harder to track."

"In an official Telegram channel, Bitmart representatives initially claimed that the outflows were routine withdrawals, referring to the reports of the hack as “fake news.”"

Initial Tweet/Report From BitMart

[38][28].

We have identified a large-scale security breach, and we are now conducting a thorough security review & we'll strive to maintain transparency. All withdrawals are temporarily suspended until further notice. We appreciate your understanding and patience.

Dear BitMart Users,

We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets on December 4th, 2021. 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.

The affected ETH hot wallet and BSC hot wallet carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress. At this moment we are temporarily suspending withdrawals until further notice. We beg for your kind understanding and patience in this situation.

During this period, we will strive to maintain transparency and we appreciate your support. Thank you very much.

"On December 4, 2021, at approximately 6:30 pm EST, BitMart identified a security breach related to two of its hot wallets. Within moments, a security response was activated, with multiple systems shut down procedurally to prevent additional losses, including account withdrawals and the trading of certain pairs."

"Hours later, however, Bitmart CEO Sheldon Xia confirmed that the outflows were indeed a hack resulting from a “security breach.” "With this single private key, the hackers were able to steal a total of about $196 million worth of cryptocurrencies from the two wallets." "Blockchain security firm Peckshield — which spotted and tweeted out a warning of the leak about an hour and a half before BitMart CEO Sheldon Xia announced it."

"We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 millions." "[T]he company’s internal analysis says that the funds came from just two hot wallets (those that are connected to the internet). The wallets were apparently breached via the theft of a private key."

Ultimate Outcome

BitMart, a centralized cryptocurrency exchange, suffered a major security breach resulting in estimated losses of $196 million in various cryptocurrencies[1]. The breach was first brought to attention through a tweet by security analysis firm PeckShield, which revealed continuous outflows of token balances from BitMart's address to an address named the "BitMart Hacker."[1]

PeckShield estimated the losses to be approximately $100 million in various cryptocurrencies on the Ethereum blockchain and $96 million on the Binance Smart Chain[1]. The attacker used a decentralized exchange (DEX) aggregator called 1inch to systematically exchange the stolen assets for Ethereum (ETH). The ETH was then deposited into the privacy mixer Tornado Cash, making it more challenging to trace the hacked funds[1].

Initially, BitMart representatives dismissed reports of the hack as "fake news" and claimed the outflows were regular withdrawals[1]. However, BitMart CEO Sheldon Xia later confirmed that the outflows were the result of a "security breach."[1]


Withdrawals Open Back Up

Deposits and withdrawals of different assets were enabled at different times[14].


"In concert with leading firms worldwide, a comprehensive security review and investigation was enacted and remains ongoing. Findings thus far indicate that the breach affected two hot wallets: one BSC wallet and one ETH wallet. Based on initial investigation, it appears that approximately $200 million in digital assets were removed by a malicious actor who had gained access to critical private keys."

"The affected ETH hot wallet and BSC hot wallet carries a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress."

"At this moment we are temporarily suspending withdrawals until further notice. We beg for your kind understanding and patience in this situation. Thank you very much."

"In response to this incident, BitMart has completed initial security checks and identified affected assets. This security breach was mainly caused by a stolen private key that had two of our hot wallets compromised. Other assets with BitMart are safe and unharmed."

"In addition to these new measures, our internal security teams have continued their round-the-clock efforts to investigate the cause of the breach, and to identify those responsible. We are also working with cybersecurity specialists to bolster our ongoing efforts to track the hackers and to strengthen our defenses against any future attack."

"We have been in contact with law enforcement agencies and are working in collaboration with other cryptocurrency platforms, as they share our goal of mitigating the risk of attack from nefarious activities. Though we may have been the most recent victim of a large-scale attack, we are not alone in facing these threats. We are working with our ecosystem partners to put every available resource toward thwarting future unlawful actions against cryptocurrency holders, platforms and our communities."

"BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed."

"We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated."

"In terms of asset deposit and withdrawals, we are confident that deposit and withdrawal functions will gradually begin in December 7, 2021. The detailed timelines will be announced very soon. Thank you."

"Our CEO @sheldonbitmart will conduct an AMA at 8PM EST Dec 6 on Telegram to share more info regarding the security breach, compensation arrangement, and how we plan to resume operation. We will strive to maintain transparency and your support to BitMart is highly appreciated."

"The deposit and withdrawal function of all tokens will be resumed step by step, along with the recovery progress of security testing and public chain development. No worries, we are marching forward, security will be always the first priority."

"As part of our security upgrade, BitMart will be replacing all deposit addresses including BTC, ETH, SOL, and all other tokens.Please verify the deposit addresses with BitMart before initiating any deposits. Tokens may not be retrievable if they are mistakenly deposited into the wrong addresses. BitMart is not responsible for faulty deposits."

"As of now, we have resumed deposit and withdrawal for the mainnets below: Avalanche, Binance Chain, Bitcoin, Casper Network, Chia, Ethereum, Harmony, HecoFi, IoTeX, Internet Computer, Kusama, NEAR Protocol, PlatOn Network, Polkadot, Polygon, Solana, Stellar, Tether, Tron, VeChain."

"Thanks to the support of Alexander Capital Ventures, Alpha Square Group, and Chaos Ventures, We will continue to improve user experience and create value for the industry. We'd also like to thank all our BitMart community members and BMX holders." "We are grateful that our community of users, partners, friends, and project teams have continued to trust and stand with us during this time."

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

CPO Magazine reports that users will be partially compensated for the total loss of around $196 million in user wallet funds[32]. BitMart is using its internal estimate of $150 million as a guideline for compensating affected users[32]. A third-party security firm, Peckshield, reported the breach and estimated the loss at approximately $196 million[32]. BitMart clarified that despite the disparity in amounts, no user assets will be affected by this breach[32]. While the exchange didn't provide a specific timeline for compensating victims, it pledged to use its own funds for this purpose[32]. The stolen funds were described as "only a small percentage" of BitMart's total assets[32].

Ongoing Developments

TBD

Individual Prevention Policies

This case does not appear to have resulted in a loss to any individual. Individuals should do a lot of research on the platforms they choose to use and minimize the amount of funds stored on third party platforms if they are knowledgeable on how to keep self-custodied funds safe.

When using any third party custodial platform (such as for trading), it is important to verify that the platform has a full backing of all assets, and that assets have been secured in a proper multi-signature wallet held by several trusted and trained individuals. If this can't be validated, then users should avoid using that platform. Unfortunately, most centralized platforms today still do not provide the level of transparency and third party validation which would be necessary to ensure that assets have been kept secure and properly backed. Therefore, the most effective strategy at present remains to learn proper self custody practices and avoid using any third party custodial platforms whenever possible.

Store the majority of funds offline. By offline, it means that the private key and/or seed phrase is exclusively held by you and not connected to any networked device. Examples of offline storage include paper wallets (seed phrase or key written down and deleted from all electronic media), hardware wallets, steel wallet devices, etc...

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

An obvious way to reduce the damage would be to limit the funds in the hot wallet, and there are many steps platforms can take to reduce the risk of a private key breach. Setting aside specific funds for self-insurance or forming an industry insurance fund would help incentivize greater certainty for platform security and assist users in similar future events.

All aspects of any platform should undergo a regular validation/inspection by experts. This validation should include a security audit of any smart contracts, reporting any risks to the backing (of any customer assets, ensuring treasuries or minting functions are properly secured under the control of a multi-signature wallet, and finding any inadequacies in the level of training or integrity of the team. The recommended interval is twice prior to launch or significant system upgrade, once after 3 months, and every 6 months thereafter. It is recommended that the third party performing the inspection not be repeated within a 14 month period.

All wallets, minting functions, and critical infrastructure should be implemented with a multi-signature requirement, with a recommended minimum of 3 signatures required. This means that making important changes or approving spending will require the keys held by at least 3 separate individuals within the organization to approve. The multi-signature should be implemented at the lowest layer possible, all key holders should have security training, and all key holders should be empowered and encouraged to exercise diligence.

An industry insurance fund provides a mechanism of incentivizing proper validation and providing assistance in the event that a platform is breached.

Work with other industry platforms to set up a multi-signature wallet with private keys held separately by delegate signatories from seven prominent platforms and services within the industry. Establish requirements for contributions by all platforms and services, designed to be affordable for small platforms yet large enough to cover anticipated breach events. Any breach event can be brought forth by a member platform or a petition of 100 signatures for consideration by the delegate signatories. A vote of 4 or more delegate signatures is required to release any funds, which could partially or fully restore lost funds based on their assessment.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

An obvious way to reduce the damage would be to limit the funds in the hot wallet, and there are many steps platforms can take to reduce the risk of a private key breach. Setting aside specific funds for self-insurance or forming an industry insurance fund would help incentivize greater certainty for platform security and assist users in similar future events.

All platforms should undergo published security and risk assessments by independent third parties. Two assessments are required at founding or major upgrade, one after 3 months, and one every 6 months thereafter. The third parties must not repeat within the past 14 months. A risk assessment needs to include what assets back customer deposits and the risk of default from any third parties being lent to. The security assessment must include ensuring a proper multi-signature wallet, and that all signatories are properly trained. Assessments must be performed on social media, databases, and DNS security.

Set up a multi-signature wallet with private keys held separately by delegate signatories from seven prominent platforms and services within the industry. Establish requirements for contributions by all platforms and services within the country, designed to be affordable for small platforms yet large enough to cover anticipated breach events. Any breach event can be brought forth by a member platform or a petition of 100 signatures for consideration by the delegate signatories. A vote of 4 or more delegate signatures is required to release any funds, which could partially or fully restore lost funds based on their assessment.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 Crypto Exchange BitMart Hacked With Losses Estimated at $196M - CoinDesk (Dec 5, 2021)
  2. ↑ Address 0x68b22215ff74e3606bd5e6c1de8c2d68180c85f7 | Etherscan (Dec 22, 2021)
  3. ↑ Address 0x39fb0dcd13945b835d47410ae0de7181d3edf270 | Etherscan (Dec 22, 2021)
  4. ↑ @peckshield Twitter (Dec 22, 2021)
  5. ↑ @MilianIstatkov Twitter (Dec 22, 2021)
  6. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  7. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  8. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  9. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  10. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  11. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  12. ↑ @sheldonbitmart Twitter (Dec 22, 2021)
  13. ↑ [Important Notice] BitMart Security Upgrade - New Deposit Addresses – BitMart (Dec 22, 2021)
  14. ↑ 14.0 14.1 14.2 14.3 14.4 BitMart Exchange - "We will begin resuming deposit and withdrawal features of Filecoin, Litecoin, Apollo, Dash related tokens. The schedule is as follows" - Twitter (Dec 22, 2021)
  15. ↑ BitMart hack: users will be reimbursed- The Cryptonomist (Dec 23, 2021)
  16. ↑ BitMart to compensate victims of $150m hack | AIBC News (Dec 23, 2021)
  17. ↑ BitMart suspends withdrawals after hackers drained almost $200 million in cryptocurrencies using a stolen private key (Dec 23, 2021)
  18. ↑ @TheDavey92 Twitter (Dec 23, 2021)
  19. ↑ @TheDavey92 Twitter (Dec 23, 2021)
  20. ↑ https://bitmart-exchange.medium.com/bitmart-collaborates-with-hacken-on-blockchain-and-cryptocurrency-security-bbf14d97be52 (Dec 23, 2021)
  21. ↑ @peckshield Twitter (Dec 23, 2021)
  22. ↑ BitMart - Cryptocurrency Exchange | Buy & sell Bitcoin, Ethereum, Tether instantly (Aug 22, 2021)
  23. ↑ BitMart - Cryptocurrency Exchange | Buy & sell Bitcoin, Ethereum, Tether instantly (Aug 22, 2021)
  24. ↑ https://bitmart-exchange.medium.com/bitmart-response-to-security-breach-71ccc2200285 (Dec 23, 2021)
  25. ↑ https://bitmart-exchange.medium.com/bitmart-takes-action-to-increase-security-and-bolster-defenses-22489023c989 (Dec 23, 2021)
  26. ↑ https://bitmart-exchange.medium.com/bitmart-completes-system-maintenance-and-restores-trading-for-additional-tokens-b0d4babf739f (Dec 23, 2021)
  27. ↑ https://bitmart-exchange.medium.com/bitmart-securely-resumed-deposit-withdrawal-on-multiple-major-mainnets-e2b938611b77 (Dec 23, 2021)
  28. ↑ 28.0 28.1 28.2 BitMart Security Breach Update – BitMart (Dec 23, 2021)
  29. ↑ https://www.pymnts.com/cryptocurrency/2021/196-million-dollar-bitmart-hack-puts-crypto-weakness-display/ (Dec 23, 2021)
  30. ↑ https://www.cnbc.com/2021/12/05/hackers-take-196-million-from-crypto-exchange-bitmart-in-large-breach.html (Dec 23, 2021)
  31. ↑ @peckshield Twitter (Dec 23, 2021)
  32. ↑ 32.00 32.01 32.02 32.03 32.04 32.05 32.06 32.07 32.08 32.09 32.10 32.11 32.12 32.13 32.14 32.15 32.16 32.17 32.18 32.19 32.20 32.21 32.22 32.23 Victims of BitMart Crypto Theft to Be Partially Compensated; Crypto Exchange Lost $196 Million in Breach, Will Return $150 Million to Users - CPO Magazine (Dec 23, 2021)
  33. ↑ 33.0 33.1 CertiK - "Attention Community[!] BitMart suffered from the hot wallet's exploits. The affected wallets are ETH and BSC hot wallets and the withdrawal are temporarily suspended." - Twitter (Jan 7, 2022)
  34. ↑ Rekt - BitMart - REKT (May 31, 2022)
  35. ↑ Badger DAO Appears to Have Lost Over USD 120M in an Attack (Dec 1, 2022)
  36. ↑ Santa Hackathon? Visor Finance Marks 7th Hack in December (Dec 1, 2022)
  37. ↑ 37.0 37.1 Bitmart Says It Lost USD 150M In a Hack, Suspends Withdrawals - CryptoNews (Dec 1, 2022)
  38. ↑ 38.0 38.1 BitMart Exchange - "We have identified a large-scale security breach, and we are now conducting a thorough security review & we'll strive to maintain transparency. All withdrawals are temporarily suspended until further notice. We appreciate your understanding and patience." - Twitter (Sep 13, 2023)
  39. ↑ 39.0 39.1 39.2 [Important Notice] Deposit and Withdrawal Features of Filecoin, Litecoin, Apollo, Dash Related Tokens Will Be Available Soon - BitMart Support Portal (Sep 14, 2023)
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