SimpleSwap Returns Funds Stolen In The BitMart Hack

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Apr 6, 2022
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2 min read
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This blog post will cover:

  • What happened?
  • Why is it important?

SimpleSwap, an instant cryptocurrency exchange platform, has helped BitMart avoid monetary losses and rebuild trust by returning stolen cryptocurrencies.

What happened?

On December 4, 2021, the BitMart trading platform experienced a large-scale security breach. As a result, hackers stole approximately $200 million worth of crypto assets from BitMart’s hot wallets.

SimpleSwap was one of the crypto exchange services used by hackers attempting to liquidate the stolen funds. On December 8, 2021, SimpleSwap received a request to proceed with several suspicious VeChain transactions worth approximately $250,000 which were immediately frozen. Here are these transactions:

https://explore.vechain.org/transactions/0xd1d95a107e61d352d29ae517e47fe1dd8a000dea853121eef6a18a043ae71a70#info

https://explore.vechain.org/transactions/0x984c32b3bf25c3a61e65821f82dc7728f269abccf6a93f964075965edae6c136#info

Soon after, SimpleSwap contacted BitMart’s representatives to start an investigation and return such VET coins. On March 31, 2022, when all the necessary checks were completed, the stolen funds were returned to BitMart.

Why is it important?

SimpleSwap prides itself on having an excellent reputation based on trust and transparency, which are fundamental to success in the crypto Industry. By collaborating and assisting with partners in times of distress, SimpleSwap clearly demonstrates that the crypto industry can be friendly, supportive, and fair.

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