BitMart to compensate victims of $196 million hack, restore trading

Keeping quiet for now but they do plan to list on several exchanges/visa card, blah blah blah…you know the usual crypto shpeel. Last week, crypto lender Celsius Network admitted to losing funds (though it didn’t specify how much it lost exactly), as a result of the $120 million hack of the decentralized finance platform BadgerDAO. “Exchanges are a honeypot for hackers because of the high potential payoff for any successful exploit.” The price of Game On Players during the token sale was $ 1.00 per GOPX.

In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with trading discounts and other benefits on the exchange. The exchange also added numerous new features, including staking, lending, savings products, and derivatives trading. In December 2021, BitMart suffered a security breach that led to the loss of $196 million worth of cryptocurrency when private keys were compromised for two of the trading platform’s hot wallets. Following the incident, the company’s CEO, Sheldon Xia, announced on X (formerly Twitter) that BitMart would reimburse all affected users. BitMart is a legitimate cryptocurrency exchange with over nine million users in over 180 countries, according to its website.

  1. Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance.
  2. There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up.
  3. The price of Game On Players during the token sale was $ 1.00 per GOPX.
  4. Socrates, represented by its governance token SOC, is the world’s first SocialFi Debate-to-Earn platform.

Like many other cryptocurrency exchanges, it doesn’t offer phone support to its customers, so you will have to rely on its chat feature to get answers in real-time. BitMart has a tiered fee structure, where users with higher trading volumes (based on trading volume over a 30-day period in BTC) pay lower fees. Fee deductions apply to BMX token holders who use the token to cover trading fees. Unlike traditional brokerage firms, cryptocurrency gopx token bitmart exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Crypto trading platform Bitmart says it will use its own money to reimburse victims of a large-scale security breach, in which hackers took as much as $196 million.

Company Overview

The Game On Players token sale started on Jun 21, 2021, and lasted until Jun 1, 2023. Compared to its initial token sale price, GOPX is currently showing an ROI of 0.00x against the US dollar, 0.00x against Bitcoin, and 0.00x against Ethereum. By encouraging critical thinking and diverse perspectives on various societal issues, Socrates aims to steer human society towards more rational, inclusive, and open-minded directions. The platform’s aspiration is not just to showcase varied opinions but to foster mutual understanding and healthy competition, contributing to the evolution of new human civilizations. A private sale for this token is about to come to wraps on November 30th. It’s selling for 1 dollar now but as of December 1st the price will increase to $20.

BitMart says it will compensate victims of $196 million hack and restore trading by Tuesday

BitMart offers many of the same products and services as leading global exchanges, such as Binance, CEX.IO, Poloniex, and Huobi Global. U.S. customers can trade on BitMart, but the exchange’s Earn and Lending products are unavailable to users in the United States. However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers.

The platform empowers its token holders with the authority to influence its developmental trajectory through voting, participating in multiple-choice Q&As, debates, and sharing knowledge. And in August, a hacker stole more than $600 million worth of tokens from the cryptocurrency platform Poly Network. In a strange twist, the attacker subsequently returned nearly all of the money. Cybercriminals often look to a mixing or tumbling service, https://cryptolisting.org/ according to Rick Holland, chief information security officer at Digital Shadows, a cyberthreat intelligence company. Holland previously told CNBC these services allow users to combine illicit funds with clean crypto to essentially make a new type of cryptocurrency, at which point they turn to currency swaps. The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange.

While BitMart has announced that it will reimburse all affected customers, a breach of this size suggests the exchange’s security measures could be improved. Bitmart wrote in an official statement Monday morning that it had completed initial security checks and identified the affected assets. The exchange said the security breach was mainly caused by a stolen private key, which affected two of its hot wallets, but other assets were “safe and unharmed.”

About Game On Players Token Sale

Nonetheless, BitMart’s Trustpilot rating is 3.9 stars out of five from over 2,400 reviewers. With that stated, poor support, lack of transparency, and the inability to withdraw funds are all customer complaints. Companies looking to open an institutional trading account must complete a more detailed onboarding process.

BitMart is allowed in the United States, but its Earn and Lending products are not available to U.S.-based users. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. What happened following the breach was pretty straightforward, according to Peckshield. It was a classic case of “transfer-out, swap, and wash,” according to the security firm. The comments, opinions, and analyses expressed on Investopedia are for informational purposes online.

Ong says that while some exchanges purchase insurance coverage for their crypto holdings, this is not a uniform practice across the industry. At its core, Socrates embodies the ideals of exploration, inclusivity, and intellectual freedom. The platform functions as a blend of Social-Fi and Game-Fi, inspired by the ethos of its namesake philosopher, Socrates. It challenges the norm of biased and extreme viewpoints prevalent in mainstream social media.

Game On Players Token Sale Statistics

Cryptocurrency can be stored “hot,” “cold,” or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so that they can access and spend their crypto. BitMart provides a web-based digital asset trading and investing platform and a mobile app for Android and iOS. Experienced traders will find all the advanced features they need, combined with a long list of tradable assets. While many leading exchanges hold all customer funds in cold storage, BitMart’s hybrid hot and cold wallet system has enabled hackers to steal almost $200 million in assets belonging to BitMart customers.

With millions of users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 1000+ trading pairs with one of the lowest trading fees in the industry. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets. The exchange also offers a range of yield-generation opportunities for crypto holders and gives users early access to tokens issued via its in-house token launchpad.

BitMart has a simple buy/sell feature on its site, which is also helpful to new traders, but it offers over 1,000 cryptocurrencies on its exchange, giving it a slight edge over Coinbase. What makes BitMart stand out among its peers is the large number of digital currencies and tokens offered on the platform. With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart offers its customers. Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance.

Committed to expanding access to unfiltered dialogue, Socrates shapes a future where every voice is heard and valued. The platform’s unique reward system and commitment to privacy set a new standard in the realm of digital interaction. For thinkers, debaters, and seekers of wisdom, Socrates offers a refreshing alternative to conventional social media, complete with the opportunity to earn rewards and collect exclusive NFTs. Bitmart offers a mix of spot transactions, leveraged futures trading, as well as lending and staking services.

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