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BitMart $200 Million Hack Rebound to be Bolstered by Huobi and SHIB Community

A hacker breach has left BitMart roughly $200 million short, as funds were stolen from a variety of 20 cryptocurrencies.

A hacker breach has left BitMart roughly $200 million short, as funds were stolen from a variety of 20 cryptocurrencies.

Huobi Global, the cryptocurrency exchange, and the Shiba Inu (SHIB) community have pledged to assist in monitoring influxes of the amounts stolen as a result of the roughly $200 million hacker attack that BitMart endured over the weekend.

BitMart was hit by a hot wallet breach on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains on Sunday. Consequently, the hacker exploitation resulted in the stealing of nearly $100 million on Ethernet and $96 million from Binance Smart Chain (BSC).

Huobi Global declared it would assist BitMart in tracking the influx of money on its exchange platform and identifying the stolen funds shortly after BitMart CEO Sheldon Xia revealed the attacker’s exploitation.

The Shiba Inu (SHIB) community, in turn, announced it would assist the attacked cryptocurrency exchange platform, noting their previous work in analyzing probable breach patterns for the decentralized exchange, ShibaSwap.

Investors will not be left high and dry, according to Xia, who pledged that the exchange platform will repay investors with its own money by communicating: “we are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”

Since the breach, BitMart was compelled to halt withdrawals and deposits, but these options will be available by Tuesday, as per Xia. 

Protocol for transferring data between chains On the Avalanche Neutral Dollar (nUSD) Metapool, Synapse Bridge was able to prevent an $8 million hacker attack not long ago. “Over the past 16 hours, we encountered and discovered a contract bug in the way that the AMM Metapool contracts handle virtual price calculations against the base pool’s virtual price,” confirmed Synapse Bridge.

Though the foreseen attack was thwarted, Synapse Bridge quickly implemented new nUSD pools to bolster its defenses against potential hacker exploits in the future.

Also read:

About 2 Billion SHIB Burned in November Alone

SMS Flaw Leaves Coinbase Vulnerable: 6000 Crypto Hacks Reported

DeFi Platform pNetwork Loses $12 Million worth of BTC to Hacker Attack

FTX Grants $120 Million Debt Funding to Liquid Exchange after Hacker Attack

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