BitMart still hasn’t paid the victims of its $200 million hack


TL;DR Breakdown 

  • BitMart exchange still hasn’t compensated the victims of its latest hack. 
  • The exchange isn’t providing any details or clarity on the reimbursement timeframe or solution. 
  • The SafeMoon community has launched a Twitter campaign against the exchange. 
  • #WenBitMart is trending on Twitter. 

It’s been over a month since the popular crypto exchange BitMart was hacked and users lost almost $200 million worth of assets. However, the victims of the hack are yet to be reimbursed or compensated. According to BitMart, the hack was caused by a stolen private key, which lead to mass-scale crypto withdrawal by the hackers. 

This was one of the worst recorded crypto exchange hacks in 2021. Although BitMart doesn’t provide insurance over its user’s assets, the company promised to reimburse the victims of the hack. The company’s CEO, Sheldon Xia himself released a public statement promising reimbursements very soon. However, the victims didn’t receive a single dime as of today. 

An Iranian immigrant told CNBC that he lost $53,000 in the hack. He still hasn’t received any payments or even any assurance from the exchange regarding his lost funds. He is just one of the several victims that might face financial ruin if the platform doesn’t pay them back. 

Concerns grow for SafeMoon investors

SafeMoon holders were the hardest hit by the hack. Although 48 different coins were stolen from the exchange, Safemoon wallets were the most hit. SafeMoon investors on the exchange also claimed that they’re not able to see the payment history on their purchase on the platform since November. So, this is also adding to their growing concerns. 

The SafeMoon community is leading a social media scrutiny campaign to force the exchange into responding. The Twitter hashtag #WenBitMart is trending since Monday. 


BitMart is showing a disgraceful lack of communication

There are hundreds of tweets and Reddit posts every day, asking the exchange to provide some clarity or assurance over the reimbursement detail. However, the crypto exchange has been awfully quiet. Even the CEO hasn’t responded to any email sent to his public email address. 

He was also rather inactive on Twitter for over a month. Two days ago, Xia posted his first tweet since the hack. However, it was not related to the victim reimbursement topic. 

Some of the representatives of the exchange have talked to major media platforms, stating that they are ‘finding the most reasonable solutions. However, no exact date or timeframe for the payments was given. 

Mohammad Shahid

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

Related News

Hot Stories

Tips to Choose the Best Crypto Trading Bot
Watch: Inside the Walmart Metaverse 2022
Dubai’s Future Blockchain Summit to create global business opportunities for crypto, metaverse innovators
Fazzaco Expo Dubai 2022 - A Leading B2B & B2C Gathering for the Global Fintech Industry
Quant price analysis: QNT/USD is gearing to retest $112 support as bearish momentum increases

Follow Us

Industry News

Watch: Inside the Walmart Metaverse 2022
Why should Africa foster blockchain in an emergent economy?
Are bearish runs healthy for the crypto market?
All you need to know about Soulbound Tokens (SBT)
What's at the Heart of the 3air Platform?