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Bitmart promises to compensate victims after $196m hack

Cryptopolitan


TL;DR Breakdown

  • Bitmart to refund users fund affected during Saturday hack.
  • Exchange says hack was possible after hackers stole its private keys.
  • Firm completes initial security checks and working on covering leakages.

CEO of BitMart, Sheldon Xia, has promised that the exchange will refund all users who were affected in the $196m hack on Saturday night. The exchange said it would pay back from its pocket.

The CEO made the announcement in a Twitter post on Monday confirming that the hack was successful after hackers were able to steal private keys to two of BitMart’s hot wallets.

“BitMart will use our funding to cover the incident and compensate affected users,” wrote Xia. “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.”

“We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed, he wrote further.