Hackers steal 893 billion Shiba Inu coins and other Ethereum-based cryptocurrencies worth US$150 million

Just like outlaws in the Wild West, hackers seem to be an integral part of the crypto scene. Gaining unauthorized access to crypto wallets is apparently one of the more lucrative cyber crimes nowadays, which is why the crypto exchange BitMart had to confirm that another hacking incident caused significant financial damage. According to an official press release, hackers compromised two crypto wallets in which large amounts of Shiba Inu coins and more than twenty other cryptocurrencies based on the Ethereum and Binance Smart Chain blockchains were stored. 

Due to an exploit, crypto hackers were able to attain the private keys of these so-called hot wallets, which allowed them to easily transfer the valuable digital assets to other accounts. BitMart's chances to retrieve the 893 billion Shiba Inu coins and the rest of the stolen cryptocurrencies are slim, since the perpetrators of such hacks are often difficult to identify and apprehend. The company announced that it will fully replace the lost crypto tokens that are actually owned by its users.

BitMart further announced that it will investigate the security measures that are employed for its Ethereum and BSC wallets, which is why the crypto exchange's full functionality was not available for several days. The hack of a major crypto exchange like BitMart certainly illustrates why Shiba Inu and all other crypto holders should secure their digital assets. This can be achieved by using encrypted hardware crypto wallets instead of hot software wallets that are remotely accessible via the internet. The Ledger Nano S crypto hardware wallet for Ethereum-based cryptocurrencies for example starts at US$59 on Amazon.