BitMart to Compensate Victims of $196M Hack With Own Funds
Crypto exchange BitMart said it will use its own reserves to compensate the affected users of the $196 million hacking incident.
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Crypto exchange BitMart said it will use its own reserves to compensate the affected users of the $196 million hacking incident.
Bitmart chief executive officer Sheldon Xia said on Dec 6 that the exchange will use its own money to refund the $196 million worth of crypto assets lost in an attack over the weekend.
While $100 million (roughly Rs. 754 crore) worth of the stolen crypto assets were on Ethereum blockchain, the remaining $96 million (roughly Rs. 724 crore) were based on the Binance Smart Chain.
Popular cryptocurrency exchange Bitmart has recently suffered a hack, with an estimated $200 million in losses as a result. The hacker made away with
BitMart exchange loses $196 million from its hot wallets after hackers stole private keys.