BitMart security incident and ARCS team’s response.
On 4th December 2021, BitMart faced a security incident. You can find the official announcement from BitMart about this matter here. Please rest assured that your assets on BitMart are fully preserved.
About the security incident
Hackers were able to withdraw assets of the value of approximately 150 million USD from BitMart on 4th December 2021. Unfortunately, ARCS was also targeted by hackers.
The transaction below is the transaction where the hackers stole ARCS from BitMart. In total, approx. 8 million ARX was stolen.
ARCS’s team response
The BitMart team did a great job and they notified the ARCS team about the incident right after that. As a response to that, the ARCS team froze the hacker’s account until 31st January 2022. Now the hackers cannot transfer the ARCS from their wallet.
After the discussion with the BitMart team, the ARCS team decided to burn the entire amount of ARCS in the hacker’s wallet. And we will mint the same amount of burned ARCS as the community pool. This ARCS will be mainly used for the community, such as campaign rewards.
(Add) ARCS team successfully burned the all amount of Hacker’s possession on this transaction.
BitMart’s team response and trading/deposit/withdrawal of ARCS on BitMart
The BitMart team has worked on this issue to avoid the same incident in the future. Regarding the stolen ARCS, they are going to collect the same amount of ARCS from the secondary market. And trading, deposit and withdrawal of ARCS is already reopened.
We appreciate the BitMart team’s hard work on this issue!!
ARCS Team’s Security Measures
In response to the BitMart incident, the ARCS team also conducted an internal review of the current ARCS asset management methods. For security reasons, we cannot disclose the details, but we found out that we need to strengthen the security of the wallet that currently manages about 110 million ARCS.
Therefore, the ARCS team will prepare several wallets with higher security and transfer assets from the wallet that manages 110 million ARCS to these wallets.
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