Following a nearly $ 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 entries of stolen assets.
December 5, crypto exchange BitMart became the victim of a hot wallet compromise hosted on Ethereum (ETH) and the Binance Smart Chain (BSC) blockchains. As a result, hackers were able to steal more than $ 196 million, approximately $ 100 million through the Ethernet network, and around $ 96 million through the BSC blockchain.
1/3 We have identified a large-scale security breach related to one of our active ETH wallets and one of our active BSC wallets. At this time we are still finalizing the possible methods used. The hackers were able to remove assets worth approximately $ 150 million.
- Sheldon Xia (@sheldonbitmart) December 5, 2021
Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that it would help BitMart track the entry of assets on its exchange and report matches to stolen funds.
Huobi will do everything possible to help #BitMart in handling this problem. If there are related asset entries, we will inform and assist in a timely manner.
- Huobi (@HuobiGlobal) December 5, 2021
Following his lead, the Shiba Inu community also confirmed that it would aid the hacked crypto exchange, citing its already existing efforts to review potential security threats to ShibaSwap, a decentralized exchange built by the community.
Dear #ShibArmy,
Although the core of our project is decentralization, we want to show our support and give a little love to our friends from @BitMartExchange, who are already working hard to fix the security incident that occurred yesterday. pic.twitter.com/CJZjQHaP59
- Shib (@Shibtoken) December 5, 2021
Xia too said the exchange would compensate affected investors with its own funds. โWe are also talking to various project teams to confirm the most reasonable solutions, such as token exchanges. Users' assets will not be damaged, โhe added.
The hack forced the exchange to temporarily stop all withdrawals and deposits. However, Xia is confident that BitMart will resume services before December 7.
Related: Synapse Bridge Prevents $ 8 Million Hack
The Synapse Bridge cross-chain protocol recently prevented a multi-million dollar exploit in the Metapool Avalanche Neutral Dollar (nUSD).
As Cointelegraph reported, Synapse Bridge prevented a hacker from stealing approximately $ 8 million worth of cryptocurrency:
"During the last 16 hours, we encountered and discovered a contract error in the way AMM Metapool contracts handle calculations of virtual prices against the virtual price of the home group."
While the threat was averted, Synapse Bridge soon rolled out new nUSD clusters as a means to further strengthen its security against similar attacks.
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