Crypto exchange BitMart confirms hack resulting in loss of $150M
This looks and smells like an inside job.<p>Similar to: <a href="https:&#x2F;&#x2F;cointelegraph.com&#x2F;news&#x2F;signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator" rel="nofollow">https:&#x2F;&#x2F;cointelegraph.com&#x2F;news&#x2F;signs-point-to-inside-job-in-...</a><p>or: <a href="https:&#x2F;&#x2F;dailyhodl.com&#x2F;2019&#x2F;04&#x2F;01&#x2F;inside-job-19-million-bithumb-hack-exposes-major-problem-with-cryptocurrency-exchanges&#x2F;" rel="nofollow">https:&#x2F;&#x2F;dailyhodl.com&#x2F;2019&#x2F;04&#x2F;01&#x2F;inside-job-19-million-bithu...</a><p>The timing seems suspicious too. When most of crypto land was crashing. My theory is that this exchange simply didn&#x27;t have enough liquidity when the price crashed and they simply siphoned off the hot wallet. Lots of people wanted to sell at once. Bitmart did not have these funds. A hack at the same time is just too convenient.<p>Watching the Ether address get drained in real time yesterday was surreal to see, like out of a movie: <a href="https:&#x2F;&#x2F;etherscan.io&#x2F;address&#x2F;0x4bb7d80282f5e0616705d7f832acfc59f89f7091" rel="nofollow">https:&#x2F;&#x2F;etherscan.io&#x2F;address&#x2F;0x4bb7d80282f5e0616705d7f832acf...</a><p>This whole space is full of scams and exchanges that know everything about you in terms of what limits you&#x27;ve set to buy&#x2F;sell, the order book, liquidity, etc. And worse, they can bet against you. Alameda admitted yesterday that they ended up profiting quite a bit being short BTC Futures (long spot) because the spread collapsed (Source: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;AlamedaTrabucco&#x2F;status&#x2F;1467219750489141250?s=20" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;AlamedaTrabucco&#x2F;status&#x2F;14672197504891412...</a>)<p>Only tight regulations can save investors because these &quot;hacks&quot; are way too common. And don&#x27;t even get me started on Tether ( who conveniently printed another billion after the liquidations were done: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;whale_alert&#x2F;status&#x2F;1467155858228494353" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;whale_alert&#x2F;status&#x2F;1467155858228494353</a> )<p>Edit: rofl, they just printed another $1 billion, on a weekend!<p><a href="https:&#x2F;&#x2F;twitter.com&#x2F;whale_alert&#x2F;status&#x2F;1467504581571751940" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;whale_alert&#x2F;status&#x2F;1467504581571751940</a><p>It&#x27;s funny how brazen they&#x27;ve become.<p>Not to mention Bitfinex and Tether CTO implying the dip was done after they printed: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;paoloardoino&#x2F;status&#x2F;1467053381072138240" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;paoloardoino&#x2F;status&#x2F;1467053381072138240</a><p>Everything in this space seems so shady. But the regulators don&#x27;t seems to give a damn and keep kicking the can for eternity. It&#x27;s the wild wild west out there.<p>Moral of the story: Not your keys, not your coins. Do not keep your coins on exchanges.