Bitmart pledges to reimburse hack victims as crypto community voices support
With cases of crypto-related exploits on the rise again, it appears that more can be done by platforms to bolster investor confidence. As regulatory uncertainty continues to plague the global digital asset ecosystem, there are many anti-crypto proponents who continue to harp on the fact that the industry as a whole has a long way to go when it comes to securing itself in a manner that is anywhere comparable to the traditional finance system. Now, with the recent Bitmart hack coming to light, these individuals have been given even more firepower.To recap, on Dec 5, cryptocurrency exchange....
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Over the weekend, hackers made away with nearly $200 million in 20 different tokens. Following a near $200 million hack on the BitMart exchange, the Shiba Inu (SHIB) community and crypto exchange Huobi Global aim to help the exchange strengthen security and track inflows of stolen assets.On Dec. 5, crypto exchange BitMart became victim to a hot wallet compromise hosted over the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. As a result, the hackers were able to steal over $196 million, roughly $100 million over the Ethernet network and around $96 million over the BSC....
Under the proposal, there would be either a 100% reimbursement via 4.97 billion new ONE tokens, or a 50% reimbursement with 2.48 billion ONE tokens. The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June. The proposal has been met with a significant amount of backlash from members of the community, with many highlighting concerns that such a large issuance of new tokens would result in inflationary pressure on the asset and bring its value down. This....
Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities in order to gain access to the funds of the exchange. The attack targeted the hot wallets of the platform, specifically the Ethereum and Binance Smart Chain-based wallets. The hackers managed to take almost $200 million in tokens from the platform.
Bitmart Hot Wallets Exploited
Bitmart has lost more than $200 million in a hack that involved its hot wallets yesterday. The issue was first identified by Peckshield, a blockchain security and auditing company, that raised the....
BitMart, a premier global digital asset trading platform, is one of the pioneering exchanges to integrate with the Polygon network and support the Polygon ecosystem. BitMart only supported MATIC ERC-20 token payments in the past, however, with this new integration, all BitMart users can transfer funds directly to the Polygon PoS network more efficiently. Polygon […]
The vote to reimburse users affected by the hack was one of the final governance decisions for Tribe DAO which has announced plans to wind down. After months of uncertainty, the Tribe DAO has passed a vote to repay affected users of the $80 million exploit on decentralized finance (DeFi) platform Rari Capital's liquidity pools.Following several rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, took the decision to a vote on Sept. 18 with the intent to fully reimburse hack victims.Data from on-chain voting....