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BitMart controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

Back to profile3 entries

  1. 2022

    Federal Trade Commission cryptocurrency investigation

    The FTC opened an investigation into BitMart in 2022. The matter was dismissed in 2023, but it represented significant regulatory scrutiny of the platform.

    Source

  2. 2021

    BitMart hot-wallet breach

    A compromised private key allowed attackers to drain two hot wallets linked to BitMart. The cryptocurrency stolen was estimated at approximately US$196 million. The incident led to withdrawal suspensions, reimbursement commitments, and criticism from users who said repayments were delayed.

    Source

  3. 2021

    BitMart reports cryptocurrency security breach

    Issue disclosure

    BitMart experienced a security breach in which hackers withdrew around $150 million in cryptocurrency; PeckShield estimated the total loss could be as high as $200 million.

    Company response

    • Refund or compensation — BitMart

      BitMart will use its own funding to compensate users affected by this hack, according to CEO Sheldon Xia's tweet.

    Source excerpt

    • Blockchain security firm PeckShield estimates the total loss could run as high as $200 million.
    • Crypto exchange BitMart has experienced a security breach that has led to hackers withdrawing around $150 million in cryptocurrency, Bloomberg reported.
    • BitMart will use its own funding to compensate users affected by this hack, according to CEO Sheldon Xia's tweet.
    Source