Huobi, Shiba Inu Communities Extend Support to BitMart Following the $200M Hack

Over the weekend, BitMart suffered a large-scale security breach. It can be counted as one of the most devastating attacks to date wherein the hackers managed to siphon off $196 million worth of cryptocurrencies after compromising a private key that opened two hot wallets. But the communities of Seychelles-based Huobi and Shiba Inu (SHIB) have announced support to assist BitMart.

Huobi, Shiba Inu Communities Lends Support

According to a recent development, Huobi has vowed to report and assist the inflows of related assets promptly as the embattled cryptocurrency exchange undergoes a security review. Its official tweet regarding the same, read,

“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.”

With BitMart’s withdrawals remaining suspended, for the time being, another community, this time, Shiba Inu, has extended its help.

“Dear ShibArmy,

Even though the core of our project is decentralization, we want to show our support and give some love to our friends at BitMart Exchange, who are already working hard to fix the security incident that happened yesterday.”

What transpired during the large-scale hack?

On December 4th, blockchain security and data analytics company Peckshield first observed the security breach when one of the exchange’s addresses exhibited a consistent outflow of numerous crypto assets to an address, which Etherscan has labeled as the “Bitmart Hacker.”

According to Peckshield, the attackers managed to steal $100 million worth of various tokens on the Ethereum (ETH) blockchain and $96 million on Binance Smart Chain (BSC). Following the incident, BitMart released a statement confirming that only the “hot wallets” of the two blockchains were affected that carried a very small portion of the trading platform’s assets.

Sheldon Xia, the founder and CEO of BitMart announced the completion of initial security checks and also identified affected tokens. Xia went on to say that all the other assets with the exchange are secure and undamaged.

He also confirmed that the platform will use its own funding to cover the incident and compensate affected users. BitMart is reportedly in talks with various project teams with regards to the most reasonable solutions, such as token swaps.

Furthermore, the CEO maintained his optimism on resuming their deposit and withdrawal functions from December 7th.