Day after the BitMart Hack: Progress update
The crypto space is still very much in development, and the activities of many nefarious members of the ecosystem, however, are rising at a very alarming rate. This brings our focus to the recent events of hacking which took place about 24 hours ago on BitMart Exchange and BadgerDao respectively. While the security breach that occurred on BadgerDao may not be of particular interest, that of BitMart Exchange, unfortunately, gains our attention, that of our investors as well as our partners.
BitMart Hacked, Losses $200 Million Assets
It’s no more news though, that BitMart Exchange suffered a network bypass which resulted in the loss of about $200 million worth of assets. Regrettably, part of the stolen asset was our native $BPay tokens which the hacker was able to amass about 93 million units. This is the transaction involving $BPay tokens.
While we regret breaking this unfortunate incident, we also want to seize this opportunity to relay to our investors that we were able to halt $BPay token transactions before the hacker could sell-off the stack and withdraw liquidity.
Our Investors Protected And Other Plans In Motion
We were able to react to the news swiftly in order to stop the incident from having any devastating effect on our investors and us.
As of today, $BPAY trading has halted both on Pancake Swap and BitMart.
We are currently in talks with BitMart as well as other stakeholders regarding the next cause of action.
Further, as we continue to think of more protective measures to shield our investors and payment gateway from such incidents in the future, we are considering a list of possibilities. Smart contracts upgrades, token migration, etc are all on the table.
We will make an official announcement about our decisions soon.
We understand that we have been in operation for about 5 months now and things are changing rapidly in the crypto space. It is only necessary at this point to take more advanced measures against these devastating occurrences. As previously mentioned, this is to ensure that our investor’s values are foremost protected.
This will in no way deter us from reaching our vision, as we aim to break barriers by offering cutting-edge crypto payment solutions to our global audience.