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After a hacker attack in the millions: Huobi and the Shiba-Inu community help BitMart



BitMart exchange lost nearly $ 200 million in a hack. Now the Shiba Inu (SHIB) community and the Huobi Global crypto exchange want to help the platform improve security and track the path of the stolen assets.


On Sunday there was a hack attack on the hot wallets for Ethereum and Binance Smart Chain (BSC) on the BitMart crypto exchange . The hackers were able to steal more than 196 million US dollars. US $ 100 million was stolen via the Ethernet network and around US $ 96 million via the BSC blockchain.


Shortly after BitMart CEO Sheldon Xia confirmed the hacking attack, Huobi announced that it would help BitMart and report if any of these assets go public.


Speaking to Cointelegraph, Jeff Mei, director of global strategy at Huobi, said that transparency and quick responses are essential when dealing with such attacks:


"Exchanges should alert their users, other exchanges and law enforcement agencies as soon as possible and be transparent about what they are doing and how they are dealing with the hack and loss of money."

Mei also emphasized that users should not bundle their entire assets on a single platform or in a single wallet. He advised users to find out more about the platform's security measures before investing and to notify employees of the exchange concerned immediately if they discover a possible security risk.



The Shiba-Inu community also wants to help the hacked crypto exchange. It was also mentioned that ShibaSwap, a decentralized exchange set up by the community, is already on the lookout for security risks.


Xia also said the exchange would compensate the affected investors with its own funds. "We're also talking to several project teams to find the most sensible solutions possible, such as token swaps. The users' assets remain unmolested," he added.


Due to the hacker attack, the exchange had to temporarily suspend withdrawals and deposits. However, Xia is confident that BitMart can resume operations through Tuesday.


In this context: Synapse Bridge prevents hack in the millions


The cross-chain protocol Synapse Bridge recently averted an attack on the metapool for Avalanche Neutral Dollars (nUSD) in the millions.


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


"In the last 16 hours we have discovered an error in the handling of the AMM Metapool contracts with the calculation of the virtual price compared to the virtual price of the base pool."


Although the threat was averted, Synapse Bridge then set up new nUSD pools in order to be better protected against such attacks in the future.

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