BitMart to compensate Shiba Inu, Saitama, Binance coin holders who became hack victims using their own funds – Dogecoin – US Dollar ($DOGE)
Cryptocurrency exchange bit-mart said it would use its own funds to compensate users who were affected by a large-scale data breach in which hackers were able to steal nearly $200 million worth of cryptocurrencies from the Ethereum (CRYPTO: ETH) and Binance Smart Chain blockchains.
What happened: BitMart said the security breach was primarily caused by a stolen private key that affected two of its hot wallets, while its other assets were “safe and unharmed”.
The cryptocurrency exchange, which has more than 9 million users worldwide, is in talks with several project teams to confirm the most reasonable solutions such as token exchanges.
Deposit and withdrawal functions will begin gradually on Tuesday, December 7, the company added.
Separately, BitMart also announced the closing of a Series B fundraising round led by a New York-based private equity firm. Alexander Capital Ventures at a valuation of over $300 million.
See also: How to buy Ethereum (ETH)
Why is this important: BitMart said the hackers were able to remove assets worth around $150 million.
Blockchain security and data analytics provider Peckshield estimates that hackers took around $100 million in Ethereum-based coins and $96 million in Binance Smart Chain coins.
The theft included different types of tokens such as shiba inus (CRYPTO: SHIB), Binance Coin and Saitama; Dogecoin (CRYPTO: DOGE) was not on the list of stolen assets.
In August, a hacker stole over $600 million worth of tokens from the decentralized finance (DeFi) platform poly network.
Around $10.5 billion in user funds have been stolen in fraud and theft cases on DeFi products, it was reported last month, citing a London-based firm Elliptical.
price action: Ethereum is up 4.7% in the past 24 hours, trading at $4,368.29 at press time.
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