Sunday, May 26, 2024

Hack Victims Await Refunds But No Updates From BitMart

Victims of BitMart’s $200 million hack are anxious as they haven’t received any updates about reimbursement of their money. The trading platform, in early December, in an official statement had said it would refund the users with its own money. But there has been no word from BitMart.

A spokesperson for the platform said the company will support all user withdrawals. BitMart is talking to multiple project teams to work out the most reasonable solutions. The spokesperson said further updates would be announced on their official portal.

BitMart was hit by a large-scale security breach in December 2021, with Peckshield being the first to notice it. The data analytics firm said BitMart’s addresses showed a steady outflow of tens of millions of dollars to an address. It’s estimated that BitMart lost about $100 million in various cryptocurrencies on the ethereum blockchain. It lost an additional $96 million from coins on the Binance Smart Chain (BSC). The hackers fled with assorted tokens, including safemoon, shiba inu and binance coin.

Since the hacking incident, BitMart users have opened up about the need for transparency. A Toronto-based user told CNBC that he felt suicidal because of his experience with BitMart. Another user shared that his mother and mother-in-law had pooled $30,000 and asked him to invest in BitMart and then the hacking happened. He said he was going crazy as he didn’t have any money to give them.

Blik, a BitMart user, said the incident happened near the holidays. Some people liquidate their cryptos to buy presents for the children or to cover their holiday expenses. Blik said the hacking incident affected many users’ holiday spirit. But the victims had been waiting patiently for BitMart to be true to its word of reimbursement.

And now, they are contemplating filing a class-action lawsuit against the platform.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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