BitMart Hack: Huobi and SHIB community to track stolen funds

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TL;DR Breakdown

  • Huobi and SHIB community will track the stolen funds in BitMart hack.
  • The hackers drained assets worth $190 million.
  • The hack shows the need for advanced security measures on platforms.

The activities of the illicit actors in the sector have shown no signs of abating as they continue to reinforce and try to steal funds from individuals and exchanges. Over the weekend, News broke out that BitMart succumbed to a hot wallet compromise.

According to the details of the hack, the hackers compromised the platform on Ethereum and a Binance Smart Chain and made away with $200 million in diverse assets. Reacting to the BitMart hack, the communities of Huobi and SHIB have promised to lend a helping hand to the exchange.

Hackers stole more than $190 million in the hack

According to the update by the communities, they would not only help BitMart strengthen the security in its platform, but they would also help it track the movement of the stolen tokens. In the update that followed the hack, the crypto exchange explained that they lost $100 million worth of digital assets on Ethereum while the Binance Smart Chain attack cost them $96 million in diverse assets.

The firm first took to Twitter to warn users about a possible breach as they noticed a large withdrawal from their platform. After the BitMart hack, the platform said it was looking into it to determine how it got breached. No sooner had the BitMart hack been confirmed, Huobi made a solidarity tweet to help them track the movement of the assets and inform them if they eventually knew its present location.

BitMart hack shows need for advanced security measures

After Huobi’s tweet, the Shiba Inu community also tagged the platform in a tweet stating that it would also help them follow the stolen tokens. The Shiba Inu community mentioned that the move was in line with a previous program to help decentralized exchanges, including the ShibaSwap highlight security threats.

Following the BitMart hack, the exchange CEO, Sheldon Xia, has assured users that their funds will be returned to their accounts very soon. Xia said the development team of the exchange is in talks with other parties for a swap, but users would eventually get all their assets in wallets that were compromised.

After the BitMart hack, the crypto exchange swiftly suspended deposits and withdrawals on the platform and has hinted that it could kick off again by December 7. Asides from the BitMart hack, Synapse Bridge recently fended off attacks from illicit actors in time to save itself from a potential attack.

In its statement, the platform mentioned that the hacker would have made away with $8 million in various tokens if they had not reacted. However, the platform has announced that it is strengthening its security by creating new nUSD pools on its protocols.

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