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5 months ago

Bitmart To Compensate Hacking Victims

Benzinga
Benzinga
Crypto exchange Bitmart announced on Tuesday that it plans to use its own funds to reimburse hacking victims who lost their assets in a data breach. The breach allowed hackers to steal nearly $200 million of tokens on both the Ethereum and Binance Smart Chain blockchains. Included in the hack were tokens like Shiba Inu, Binance Coin, and Saitama. Dogecoin, however, was not included on the list of hacked assets. Worldwide, over $10 billion in user funds have been stolen from DeFi products or exchanges. According to BitMart’s statement, the hacking attack occurred when a private key was stolen, impacting two hot wallets. The firm has over 9 million users globally and plans to work with multiple partners to determine the best solution for each victim. The company believes that deposits and withdrawals will begin Tuesday. Additionally, the company recently closed Series B fundraising round led by Alexander Capital Ventures valued at more than $300 million.

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