Huobi and SHIB team up to help BitMart recover from hack

Mon 06 Dec 2021 ▪ 15h16 ▪ 3 min read - by Susan McCormack

Last weekend, BitMart was hacked. The hackers got away with some $150 million (~£113.35 million) in crypto. Today Huobi Global platform and the Shiba Inu (SHIB) community announced that they were joining forces to help the exchange recover the losses. They will assist in tracking the stolen assets and improving the security system.

By our powers combined: Huobi and SHIB vs hackers

On 5th December, BitMart suffered a cyberattack. The criminals managed to seize a significant amount of money. About £75 million was withdrawn via the Ethereum network and about £72 million via the BSC blockchain. Yesterday, BitMart suspended its activities. The exchange promises to return to work on 7th December.

The hack was confirmed by BitMart CEO Sheldon Xia. Following the hack, Huobi announced that it wanted to help the affected crypto exchange. Huobi’s employees will track transactions and try to find a connection to the stolen assets. The SHIB community has also joined the effort to help BitMart. With the help from ShibaSwap, it will analyse the security system of the crypto exchange and assess the risk of potential threats.

BitMart promised to fully reimburse customers for the losses, Invezz reports. Sheldon Xia, BitMart CEO, has stated that the company is in talks with various project groups that offer solutions to the problem. He promises clients that their assets won’t be affected.

Attacks on exchanges are up

BitMart is far from the only crypto exchange that has been subjected to a hack attack. Last month, Synapse Bridge prevented attackers from withdrawing about £6 million from the Avalanche Neutral Dollar (nUSD) metapool. After this incident, Synapse Bridge deployed new nUSD pools, which are a standard stable pool of four assets rather than a metapool.

Hacking attempts encourage companies to strengthen security systems that, in turn, spur hackers to develop new infiltration techniques. It tends to come full circle every once in a while. Hopefully, law enforcement agencies will be able to track down the attackers and return all the funds.

Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.