Victims of $200 mn BitMart cryptocurrency hack still waiting for refunds

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Victims of a $200 million hack of popular cryptocurrency exchange BitMart are still waiting for their money even after over a month since the exchange was hacked.

According to reports, BitMart had promised a full reimbursement to the victims of the platform-wide $200 million hack.

Hackers stole various crypto tokens on December 4, after using a stolen privacy key to gain access to one of BitMart’s hot wallets, reports CNBC.

Shortly after the hacking, BitMart announced that it would use its own funding “to cover the incident and compensate affected users”.

BitMart said in a statement that it would use its own money to reimburse victims of the large-scale security breach, which the exchange blamed on a stolen private key.

“Many BitMart customers say they haven’t received any form of reimbursement,” the report said on Sunday.

It remains unclear how BitMart plans on reimbursing all affected users.

BitMart said it was talking to multiple project teams to confirm the most reasonable solutions such as token swaps.

“No user assets will be harmed. We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated,” the platform had said.

Of all the tokens stolen in the BitMart hack, data from blockchain security company, PeckShield, showed that SafeMoon token was hit hardest.

SafeMoon holders have taken their fight to Twitter with the #WenBitMart hashtag, demanding the return of their funds.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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