Mercado Bitcoin pledges to cover all user losses after near $40 million hack

The Brazilian cryptocurrency exchange confirmed the security incident on Monday, revealing that approximately $38 million to $40 million were stolen from its hot wallets across at least 10 different blockchains. In response, Mercado Bitcoin suspended platform access temporarily while investigating the breach.

Recovery Efforts

Despite the significant losses, the exchange assured customers that no personal data was compromised during the attack. Mercado Bitcoin's teams are actively tracing the stolen assets and coordinating with authorities to recover the funds.

The exchange said no customer data leaked and that its teams were investigating, tracing the assets and coordinating with authorities.

Industry Response

With assistance from Tether, Circle, and Chainalysis, the exchange successfully froze approximately $11 million of the stolen assets. This collaborative effort demonstrates the industry's commitment to addressing security breaches and protecting customer funds.

The hack occurred just days after Binance experienced a $6 billion breach, which the FBI attributed to North Korea's TraderTraitor group - the largest security incident in cryptocurrency history. Mercado Bitcoin's swift response highlights the growing importance of robust security measures in the crypto industry.