Bitquery Data Reveals BitMart Lost $391,000 in Recent Security Breach
Key Facts
Bitquery data revealed that the recent BitMart security breach resulted in $391,000 being drained across three layer-2 networks. The exchange confirmed the hack occurred on November 2, 2024, with preliminary investigations linking the incident to the same group that targeted Mercado Bitcoin. According to crypto.news, BitMart founder Sheldon Xia acknowledged the breach after blockchain transactions showed funds moving to addresses associated with the Brazilian exchange exploit.
The patterns identified in the BitMart breach suggest a coordinated effort by the entity responsible for stealing over $46 million from Mercado Bitcoin. BitMart continues its restructuring efforts following previous security vulnerabilities, as the latest data confirms the stolen assets were moved via cross-chain protocols.
A revised creditor plan is expected to be released in November 2026 to address the impact of the recent losses. The exchange is currently working to stabilize operations and enhance security measures for its remaining user assets.
Latest Updates · 3
- Notable·
Update: BitMart's founder stated that the security team is currently facing severe staffing shortages. This lack of personnel comes amid ongoing restructuring efforts, complicating the exchange's ability to manage security vulnerabilities.
- Notable·
Update: BitMart founder Sheldon Xia stated that the amounts affected by the attack were small, noting that staffing shortages in technical and security teams contributed to the incident. Xia added that these personnel gaps resulted from the company's ongoing restructuring efforts.
- Notable·
Update: BitMart founder Sheldon Xia revealed that the total losses from the recent breach amounted to $391,000. Xia noted that the exchange is currently struggling to retain technical staff due to ongoing restructuring, which has impacted security oversight.