The FTC is investigating the theft of cryptocurrency exchange BitMart's hot wallets

The U.S. Federal Trade Commission (FTC) is investigating the operator of cryptocurrency exchange BitMart over a December 2021 hack that resulted in losses of $150 million to $200 million, according to Bloomberg. The FTC disclosed the investigation in an order denying the information that BitMart operators objected to, with BitMart operators saying the FTC’s document request was too broad and refusing to provide information. In addition, Bloomberg stated that this is the first time the FTC has investigated the encryption market, and the White House has urged the FTC to regulate cryptocurrency fraud and abuse. Foresight News noted that in December 2021, the BitMart hot wallet was hacked, and PeckShield stated that about $100 million in assets on Ethereum and about $96 million in assets on BNB Chain were stolen from the wallet.