Huobi and Shiba Inu Community Helps BitMart Overcome the $ 200 Million Hack

Huobi and Shiba Inu Community Helps BitMart Overcome the $ 200 Million Hack. Over the weekend, hackers stole nearly $ 200 million in 20 different tokens.

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After hacking the BitMart exchange for nearly $ 200 million, the Shiba Inu community (SHIB) and the global cryptocurrency exchange Huobi want to help the exchange increase security and track the flow of stolen assets.

On December 5th, the BitMart cryptocurrency exchange fell victim to a hot wallet compromise hosted on the Ethereum (ETH) and Binance Sensible Chain (BSC) blockchains. As a result, the hackers were able to steal over $ 196 million, about $ 100 million over the Ethernet network, and about $ 96 million over the BSC blockchain.

https://twitter.com/sheldonbitmart/status/1467316252855226368?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that it would help BitMart track the flow of funds on its exchange and report matches on stolen funds.

https://twitter.com/HuobiGlobal/status/1467375467913121801?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
The Shiba Inu community later also confirmed that it would help the hacked crypto exchange, citing their existing efforts to review potential security threats to ShibaSwap, a community-created decentralized exchange.

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Xia too speak The stock exchange will compensate affected investors with its own funds. “We also speak to several project teams to confirm the cheapest solutions like token swaps. He added.

The hack forced the exchange to temporarily suspend all withdrawals and deposits. However, Xia is confident that BitMart will resume providing services on December 7th.

Related: Synapse Bridge prevents $ 8 million hack

The Synapse Bridge cross-chain protocol recently prevented multi-million dollar mining on Metapool Avalanche Neutral Dollar (nUSD).

As Cointelegraph reported, Synapse Bridge prevented a hacker from stealing approximately $ 8 million worth of crypto:

“In the past 16 hours, we have detected a contract bug in the way AMM Metapool contracts handle virtual price calculations against the virtual price of the underlying pool.”

While the threat was contained, Synapse Bridge soon introduced new nUSD pools to further increase security against similar attacks.