Its trading volume, however, has gone down by “a lot” since the hack, according to CoinGecko co-founder and chief operating officer Bobby Ong. Ong’s platform reports volumes provided to them by individual exchanges. After transferring the funds out of Bitmart, hackers apparently used the decentralized exchange aggregator known as “1inch” to exchange the stolen tokens for ether. From there, the ether coins were deposited into a privacy mixer known as Tornado Cash, which makes the money harder to trace. Peckshield estimated that Bitmart lost around $100 million in various cryptocurrencies on the ethereum blockchain and another $96 million from coins on the binance smart chain. The hackers made off with a mix of more than 20 tokens, including binance coin, safemoon, and shiba inu.
- Companies looking to open an institutional trading account must complete a more detailed onboarding process.
- Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).
- The platform functions as a blend of Social-Fi and Game-Fi, inspired by the ethos of its namesake philosopher, Socrates.
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions by sharing our methodology for rating cryptocurrency exchanges. We determined our review on security, fees, number of cryptocurrencies https://cryptolisting.org/ available, and other factors. We also considered if the exchange is regulated by an appropriate agency or entirely decentralized. BitMart provides customer service via a dedicated support center, support tickets, and a live chat.
The exchange has over 1,000 cryptocurrencies listed, and it is set up for beginners and experienced traders to buy and sell from its website. Using any cryptocurrency exchange carries a degree of risk, and BitMart experienced a large-scale security breach when $196 million in cryptocurrency was stolen in December 2021. However, the company took measures to strengthen its security and has pledged to compensate its clients. BitMart is a global cryptocurrency exchange that allows users in 180+ countries to buy and sell over 1,000 digital currencies and tokens. While BitMart offers all the features you’d expect from a global crypto exchange, it was hacked in December 2021, which resulted in an estimated $196 million cryptocurrency theft. Founded in 2017, BitMart is a global cryptocurrency exchange that allows individuals and institutions to buy, sell, and trade over 1,000 cryptocurrencies, with over 9 million users in over 180 countries.
Opening a BitMart Account
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 gopx token bitmart 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.
There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up. Socrates is dedicated to empowering individuals to voice honest opinions and share diverse perspectives. The platform features an incentivised ecosystem where interactions contribute to the prize pool of each question, rewarding meaningful contributions and popular discussions.
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 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.
There are also different account levels based on each user’s 30-day trading volumes that determine the amount of trading fees charged on each trade. Users can manage their accounts via the BitMart online dashboard or its mobile apps, available for Android and iOS. GOPX “Game On Players” Token is the only digital currency that buys and sells itself through its own financial ecosystem. GOPX is an evolution in cryptocurrency being both stable and self-consuming. The GOPX Token can be used to pay direct royalty funds to artists and the music industry (NFT) allowing millions of individuals to easily take part in this burgeoning tokenized economy. The affected ethereum and binance smart chain “hot wallets” carried only a “small percentage” of the exchange’s assets, according to the company.
In addition to advanced cryptocurrency spot and futures trading dashboards, BitMart offers a simple buy/sell crypto feature for beginners and a range of crypto-earning opportunities. BitMart and Coinbase are both cryptocurrency exchanges with solid customer reviews. Coinbase is recommended for beginners because of its smaller offerings (over 250 cryptocurrencies) and easy-to-use platform.
The CoinCodex Cryptocurrency Price Tracker
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.
Utilizing decentralized blockchain technology, it ensures transparency, security, and privacy, enhancing user experience while reducing spam. However, blockchain security and data analytics firm Peckshield, which first publicized the hack, estimates that the loss is closer to $200 million. CNBC reached out to Bitmart to ask about the multimillion dollar discrepancy, but the exchange declined to comment on this point. BitMart’s website notes an “advanced risk control system,” operating a hybrid hot and cold wallet system and deploying multi-signature technologies. However, the $196 million hack the exchange experienced in December 2021 suggests that BitMart’s security could use some work. Socrates, represented by its governance token SOC, is the world’s first SocialFi Debate-to-Earn platform.
Is BitMart Better Than Coinbase?
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 beginners can take advantage of the site’s online handbook, which offers a step-by-step process for using the site to buy, sell, and trade cryptocurrencies. In addition, beginners can also use the platform’s Buy & Sell feature that allows users to buy Bitcoin (BTC) and other cryptocurrencies using Visa, Mastercard, Apple Pay, and PayPal. As a global, community-focused organization, Socrates breaks geographical barriers, driven by members from various sectors in fintech, web3, and crypto.