Following the hacking of nearly $ 200 million on BitMart, the Shiba Inu (SHIB) community and crypto exchange Huobi Global are committed to helping the exchange improve security and track the flow of stolen assets.
On Sunday, cryptocurrency exchange BitMart fell victim to a hot wallet payment hosted by Ethereum and Binance Smart Chain (BSC) blockchains. As a result, hackers stole more than $ 196 million, about $ 100 million via Ethernet and about $ 96 million via the BSC blockchain.
Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that it would help BitMart track the listing of assets on the exchange and report stolen funds.
Speaking with Cointelegraph, Hubei Province’s chief global strategist Jeff Mae suggested that openness and a quick response are critical to counter these attacks:
“Exchanges should notify their users, other exchanges and law enforcement agencies as soon as possible, and be transparent about what they are doing to combat hacking and loss of user resources.”
Mee also stressed that users should not collect all their belongings on one platform or one wallet. Users are advised to carefully check the platform’s security procedures before investing and immediately notify the employees of the relevant exchange if they become aware of a possible security incident.
Following the lawsuit, the Shiba Inu community also confirmed they would help the hacked crypto exchange, citing its ongoing efforts to assess potential security threats to ShibaSwap, a community-based decentralized exchange.
Shi also said the exchange will compensate the affected investors with its own money. “We are also in talks with several project teams to confirm the smartest decisions, such as token swaps. Users’ assets will not be affected, ”he added.
The hack forced the exchange to temporarily stop withdrawals and deposits. However, Xia is confident that BitMart will resume operations on Tuesday.
RELATED: Synapse Bridge Prevents $ 8 Million Hacking
The multi-chain Synapse Bridge protocol has recently avoided the multi-million dollar use of the dollar-neutral (nUSD) Avalanche Metabol.
As Cointelegraph reports, the Synapse Bridge prevented a hacker from stealing $ 8 million worth of cryptocurrency:
“In the last 16 hours we have run into and found a contractual error in the way AMM Metapool contracts handle the default price calculations relative to the underlying pool default price.”
While the threat was averted, Synapse Bridge quickly deployed new nUSD packages to improve security against such attacks.