SHIB and Huobi communities “donate fire” to help BitMart after the $ 200 million hack
Following the recent $ 200 million hack, the Shiba Inu (SHIB) community and the Huobi Global exchange have teamed up to help BitMart exchanges increase security and track the flow of stolen assets.
On December 5th, BitMart was the victim of a hot wallet attack hosted on the Ethereum network and the Binance Smart Chain. This enabled the hacker to steal over $ 196 million, of which about $ 100 million via the ETH network and about $ 96 million via the BSC blockchain.
Right after BitMart CEO Sheldon Xia confirmed the hack as Bitcoin magazine reported Huobi did notification will help the exchange track the flow of funds on their platform and report transactions that match the stolen funds.
The Shiba Inu community also later confirmed they are helping BitMart, citing their efforts in investigating potential security threats to ShibaSwap, a community-created decentralized exchange.
Even if the core of our project is decentralization, we want to show our support and give our friends some love @BitMartExchangewho are already working hard to fix yesterday’s security incident. pic.twitter.com/CJZjQHaP59
– Shib (@Shibtoken) December 5, 2021
Xia also said that the stock market would compensate affected investors with its own funds.
“We also talk to several project teams to confirm the cheapest solutions like the token swap.”
The hack forced the exchange to temporarily suspend all withdrawals and deposits. However, Xia expects BitMart to resume providing services on December 7th.
The cross-chain protocol Synapse Bridge recently prevented a multi-million dollar mining of the Metapool Avalanche Neutral Dollar (nUSD). While the threat was contained, Synapse Bridge soon deployed new nUSD pools to further increase security against similar attacks.
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