Bitmart said all withdrawals had been temporarily suspended until further notice and a thorough security review was underway.
, which offers a mix of spot transactions, leveraged futures trading, as well as lending and staking services, typically ranks as one of the top centralized crypto exchanges by volume, according to CoinGecko data.
Bitmart says it is still unclear what possible methods the hackers used, but what happened after the breach was pretty straightforward, according to Peckshield. It was a classic case of "transfer-out, swap, and wash," according to the security firm. After transferring the funds out of Bitmart, hackers apparently used the decentralized exchange aggregator known as '1inch' to exchange the stolen tokens for. From there, the ether coins were deposited into a privacy mixer known as Tornado Cash, which makes the money harder to trace.
Cybercriminals often look to a mixing or tumbling service, according to Rick Holland, chief information security officer at Digital Shadows, a cyberthreat intelligence company. Holland told CNBC these services allow users toto essentially make a new type of cryptocurrency, at which point they turn to currency swaps.
So even though the blockchain is public, there are still ways to make it difficult for investigators to trace transactions to their ultimate destination., as a result of the $120 million hack of the decentralized finance platform BadgerDAO.worth of tokens from the cryptocurrency platform Poly Network. In a strange twist, the attacker subsequently returned nearly all of the money.
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