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AI summary of a third-party reportBearishNewsDesk

Mercado Bitcoin says users will not bear cost of $38m hack

Brazil's largest crypto exchange says customer balances are safe after a breach on 2 November and that it will cover the losses, though estimates of the haul range from $38m to $49m.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: Mercado Bitcoin says users will not bear cost of $38m hack
Image: Decrypt
Original reporting: Jose Antonio Lanz, Decrypt

Key points

  • Mercado Bitcoin says about $38m of assets were involved and that $11m has already been blocked with help from Tether, Circle, Paxos, BRL1 and Chainalysis.
  • Hypernative put suspicious transfers at more than $40m across at least 10 blockchains, Arkham traced at least $46m and Chainalysis about $49m.
  • Deposits and withdrawals were frozen on 2 November and remain suspended, with no date given for resuming service.

Mercado Bitcoin says customers will not carry the cost of the hack that hit its systems on 2 November.

Estimates of the loss vary. Mercado Bitcoin puts the value of the assets involved at about $38m and says it has blocked $11m after working with Tether, Circle, Paxos, BRL1 and Chainalysis.

Tether chief executive Paolo Ardoino said on X that more than $4.5m in USDT tied to the incident had been frozen. Deposits and withdrawals were suspended as a precaution on 2 November and have not restarted.

The breach came days after hackers drained more than $6bn from Binance on 29 October, an attack the FBI blamed on North Korea's TraderTraitor group. Binance chief executive Richard Teng said his exchange would absorb the impact on users and that about 95% of affected assets had been replenished.

What to watch: Mercado Bitcoin says it will post updates on X and resume deposits and withdrawals once full security is restored, without giving a date.

Read the full story on Decrypt

Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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