Huobi and SHIB to team up to help in BitMart’s $200M hack

The BitMart cryptocurrency exchange platform suffered a major hack on December 5 that led to hackers stealing almost $200M. Now, the Huobi Global exchange platform and the Shiba Inu (SHIB/USD) community have stated they will help the exchange recover from the hack

Huobi and the SHIB community are now working to help BitMart strengthen its security systems and track the movement of the stolen funds.

Huobi and SHIB to aid BitMart recover from the hack

BitMart suffered a hack on December 5, where its hot wallet was compromised. The hot wallet was hosted on the Ethereum and Binance Smart chain blockchains.

The hacker managed to steal around $100M over the Ethereum network and around $96M over the BSC blockchain.

The CEO of BitMart, Sheldon Xia, confirmed that a hack had taken place. Shortly after, Huobi announced that it would help BitMart by tracking all transactions on its exchange to know if they are linked to the stolen funds.

The Shiba Inu community also stated that it would help BitMart analyse its security measures. The SHIB community stated that it is already running an initiative to assess potential security threats in ShibaSwap, and it would help BitMart evaluate its security.

As the hack happened on hot wallets holding user funds, the exchange stated that it would compensate the affected investors.

“We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed,” Xia stated.

Currently, the BitMart exchange is not operational, and it has stated that it will temporarily halt withdrawals and deposits. However, Xia has stated that BitMart will resume its operations by December 7.

Increased hacks on crypto platforms

BitMart is not the only crypto platform that has suffered a hack recently. Synapse Bridge, a cross-chain protocol, managed to thwart a multi-million hack on the Avalanche Neutral Dollar (nUSD) Metapool.

Synapse Bridge prevented a threat actor from stealing around $8M worth of crypto. Following the potential hack, Synapse Bridge announced that it had deployed new nUSD pools to boost its security.