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

Besides billions of Shiba Inu coins, crypto hackers managed to steal more than 20 other cryptocurrencies from the crypto exchange BitMart (Image: Shiba Inu Token)
Besides billions of Shiba Inu coins, crypto hackers managed to steal more than 20 other cryptocurrencies from the crypto exchange BitMart (Image: Shiba Inu Token)
Hackers once again gained access to the crypto wallets of a well-known crypto exchange and were able to steal a considerable amount of Shiba Inu coins and a multitude of other cryptocurrencies which are based on the Ethereum and Binance Smart Chain blockchains.

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.

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Enrico Frahn
Editor of the original article: Enrico Frahn - Tech Writer - 938 articles published on Notebookcheck since 2021
My fascination for technology goes back a long way to the Pentium II era. Modding, overclocking and treasuring computer hardware has since become an integral part of my life. As a student, I further developed a keen interest in mobile technologies that can make the stressful college life so much easier. After I fell in love with the creation of digital content while working in a marketing position, I now scour the web to bring you the most exciting topics in the world of tech. Outside the office, I’m particularly passionate about motorsports and mountain biking.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 12 > Hackers steal 893 billion Shiba Inu coins and other Ethereum-based cryptocurrencies worth US$150 million
Enrico Frahn, 2021-12- 8 (Update: 2021-12- 8)