Mercado Bitcoin Begins Account Access Restoration Following $46M Crypto Hack
Brazilian crypto exchange Mercado Bitcoin announced it will start restoring client account access on Monday after suffering a security breach that blockchain analysts estimate resulted in the loss of over $46 million in assets.
Mercado Bitcoin informed Cointelegraph that customers will first be able to access their accounts via the website to check balances, statements, holdings, and investments. The resumption of transfers, withdrawals, and trading will take place in later phases after independent security audits have been completed.
The exchange has pledged to compensate for the compromised assets using company funds, noting that more than $15 million of the stolen amount has already been frozen with support from the industry.
The company stated, "Our trading desk is ready to initiate the required buybacks in both domestic and international markets."
This update was issued following the initial disclosure of the hack on Monday, during which attackers moved funds from Mercado Bitcoin’s hot wallets and client deposit addresses using standard transfer methods.
Regarding liquidity, Mercado Bitcoin reported a strong cash position, reinforced by a $20 million investment from stablecoin issuer Tether to back its operational growth.
Mercado Bitcoin's step-by-step account restoration demonstrates its commitment to security and customer trust, supported by substantial liquidity measures and proactive asset recovery efforts.
Why it matters
This development is crucial as it highlights Mercado Bitcoin's response strategy to a major security breach, aiming to restore customer access while ensuring asset recovery and operational stability.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
Open original source ↗