BitMart $200 Million Hack Came With A Crypto Wallet Security Scare
For a while we stopped hearing about crypto exchange and defi wallet hacks. I can remember during the first and second quarter of the year, lots of crypto platforms were getting hacked, it was a like weekly hack routine. We get notified at least twice a week that a crypto platform got hacked. But lately we haven’t been seeing such.
Funny how I forgot I had a BitMart account until I wanted to make a post showing my crypto exchange apps. Prior before the hack announcement, BitMart users have been experiencing some withdrawal issues with their account. Some of them made a tweet regarding that, later on the CEO of BitMart made an announcement through his Twitter account admitting the platform was hacked and $150 Million was lost in the process. For More Info
$150 Million was claimed to had been lost from the exchanges hot wallet and it included both Ethereum and BSC Wallets. Hmm... that’s a lot of money lost there, even though the CEO tried to make it seem like it’s just a small portion compared to the amount stored in the BitMart wallet. Few hours later a company called perkshield that is involved in blockchain security made a tweet with proof showing that the company lost more than $150 Million and the estimated worth was $200Million. The loss found on the Ethereum wallet was estimated to be worth, $100 Million, and that found on the BSC Wallet was estimated to be worth $96 Million. They also gave the list of tokens associated to the lost on those blockchains.
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After reading about it I can’t help but rethink about my crypto wallet. If an exchange got hacked using hot wallet, that just confirmes that cold storage is obviously the best option to use. But the disadvantage of cold wallet is that your crypto can’t earn passive income for you, they will just be inactive in the cold wallet. But it’s better to be completely careful, safe than to be sorry. I have my crypto invested accros different exchanges earning passively for me, so putting them in a cold wallet is a little bit difficult for me right now.
I just don’t know how the cold storage system works, do I unstake all my staked defi tokens like cub and cake and put them in my wallet. Do I power down my Hive and put them in a cold storage, do I remove all my tokens from Binance and store them in my cold wallet.
If you use cold wallet can you help a brother out and give me some advice on how you save your coins in your cold wallet. Do you have any coin in any hot wallet?
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