Over the weekend, BitMart suffered a large-scale security breach. It can be considered one of the most devastating attacks to date, in which hackers managed to siphon off $ 196 million in cryptocurrency after compromising a private key that opened two hot wallets. But the Seychelles-based communities of Huobi and Shiba Inu (SHIB) have announced their support to help BitMart.
Huobi, Shiba Inu Communities Lends Support
According to a recent development, Huobi has vowed to report and assist the inflows of related assets promptly as the embattled cryptocurrency exchange undergoes a security review. Its official tweet regarding the same, read,
“Huobi will do their best to help BitMart deal with this issue. If there are any related asset entries, we will notify you and assist you in a timely manner.”
With BitMart’s withdrawals remaining suspended, for the time being, another community, this time, Shiba Inu, has extended its help.
“Dear ShibArmy,
Even though the heart of our project is decentralization, we want to show our support and give some love to our friends at BitMart Exchange, who are already working hard to resolve the security incident that happened yesterday.
What transpired during the large-scale hack?
On December 4th, blockchain security and data analytics company Peckshield first observed the security breach when one of the exchange’s addresses exhibited a consistent outflow of numerous crypto assets to an address, which Etherscan has labeled as the “Bitmart Hacker.”
According to Peckshield, the attackers managed to steal $ 100 million from various tokens on the Ethereum (ETH) blockchain and $ 96 million from Binance Smart Chain (BSC). Following the incident, BitMart released a statement confirming that only the “hot wallets” of the two blockchains were affected and contained a very small portion of the trading platform’s assets.
Sheldon Xia, the founder and CEO of BitMart announced the completion of initial security checks and also identified affected tokens. Xia went on to say that all the other assets with the exchange are secure and undamaged.
He also confirmed that the platform will use its own funding to cover the incident and compensate affected users. BitMart is said to be in talks with various project teams regarding the most reasonable solutions, such as token swaps.
Furthermore, the CEO maintained his optimism on resuming their deposit and withdrawal functions from December 7th.
