Shiba Inu and Huobi to help Bitmart after $200m hack

Cryptocurrency exchange suffered massive losses following a security breach

Following the shocking $196m hack of Bitmart, the Shiba Inu and Huobi communities have offered their assistance to the centralised exchange.

Initially revealed by Peckshield – a blockchain security and data analytics company – the firm uncovered a transfer of $100m over the Ethereum blockchain and then a subsequent transfer of $96m on the Binance Smart Chain.

As shown above, more than 20 altcoins were affected by the hack, including SafeMoon, Binance Coin, and Floki.

Sheldon Xia, CEO of Bitmart, took to Twitter to explain what caused the hack.

“BitMart has completed initial security checks and identified affected assets. This security breach was mainly caused by a stolen private key that had two of our hot wallets compromised,” he revealed.

Following Xia’s tweet confirming the hack, cryptocurrency exchange Huobi offered its help to track the flow of assets on its exchange.

“Huobi will do our best to assist #BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner,” Houbi tweeted.

The exchange was joined by popular altcoin Shiba Inu which, despite its decentralisation, publicly gave its support to Bitmart.

“Even though the core of our project is decentralisation, we want to show our support and give some love to our friends at @BitMartExchange, who are already working hard to fix the security incident that happened yesterday,” the official account tweeted.

It’s been an ominous period in the crypto industry of late with DeFi project Badger DAO losing $120m in a hack.



Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

Dogs on Solana: Doge Capital Announces Doge NFT Staking Program. Users can Earn $DAWG Daily

Next Article

MAS suspends BitGet over 'scam' linked to K-pop band BTS

Read More Related articles