Over the weekend, hackers took nearly $ 200 million in 20 different tokens from the BitMart exchange, but it received unconditional support.
The doggy meme cryptocurrency community Shiba Inu and the Huobi exchange teamed up to help BitMart overcome the attack that occurred over the weekend.
After an almost $ 200 million worth attack on the BitMart exchange, the Shiba Inu (SHIB) community and Huobi Global now desire to help strengthen security and track entries of stolen assets.
On December 5, BitMart fell victim to a hot wallet violation that took place on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. Hackers managed to extract more than $ 196 million, approximately $ 100 million through the Ethernet network, and at least $ 96 million through the BSC blockchain.
After BitMart CEO Sheldon Xia confirmed the attack, Huobi revealed that it would assist BitMart by tracking the entry of assets on its exchange and reporting where the stolen funds go. Huobi’s director of global strategy, Jeff Mei, explained that transparency and quick responses are vital factors when dealing with such attacks.
Exchanges must warn their users, exchanges, and law enforcement authorities as soon as possible. They must also be transparent about what they are doing to manage the attack and the loss of user funds.
Mei also clarified that users should not pool all their assets on a single platform or a wallet. The representative advised users to closely research a platform’s security measures before investing and immediately notify the relevant exchange staff if they become aware of any security incidents.
Shiba to the Rescue
The Shiba Inu community also confirmed that it would assist the hacked exchange, citing its existing efforts to review potential security threats to ShibaSwap, a decentralized exchange built by the community.
Xia explained that the exchange would compensate affected investors with its own funds. They said they are in conversations with other project teams to confirm quick solutions, such as token exchanges. The attack forced the platform to halt all withdrawals and deposits. However, Xia firmly believes that BitMart would resume services before December ends.
Another Case at the Same Time
While BitMart got hacked, another attack occurred, but it managed to get stopped. The Synapse Bridge protocol recently managed to stop a multi-million dollar exploit in the Metapool Avalanche Neutral Dollar (nUSD). Cointelegraph highlighted that Synapse Bridge prevented a hacker from extracting at least $ 8 million worth of cryptocurrencies:
BitMart encountered a contract error in the AMM Metapool contracts that handle calculations of virtual prices against the virtual price of the homegroup. While the threat got averted, Synapse Bridge soon rolled out new nUSD clusters as a means to further strengthen its security against similar attacks.
By: Jenson Nuñez
