After the BitMart exchange suffered a hack of nearly 200 million U.S. dollars, the Shib Inu (SHIB) community and the cryptocurrency exchange Huobi Global aims to help exchanges strengthen security and track the inflow of stolen assets.
On December 5, the cryptocurrency exchange BitMart became a victim of hot wallet compromise Hosted in Ethereum (Ethereum) And Binance Smart Chain (BSC) blockchain. As a result, hackers were able to steal more than 196 million U.S. dollars, about 100 million U.S. dollars through Ethernet, and about 96 million U.S. dollars through BSC blockchain.
1/3 We discovered a large-scale security vulnerability related to one of our ETH hot wallet and one of our BSC hot wallets. We are still summarizing the possible methods. The hacker was able to extract assets worth about 150 million U.S. dollars.
-Sheldon Xia (@sheldonbitmart) December 5, 2021
Soon after BitMart CEO Sheldon Xia confirmed the hacking, Huobi announced that it would help BitMart track the inflow of assets on its exchange and report the match with the stolen funds.
Huobi will try to assist #BitMart In dealing with this issue. If there is an inflow of related assets, we will report and assist in a timely manner.
— Huobi (@HuobiGlobal) December 5, 2021
Immediately afterwards, the Shiba Inu community also confirmed that it will help the hacked cryptocurrency exchanges, citing their efforts to review the potential security threats of ShibaSwap (a community-built decentralized exchange).
Although the core of our project is decentralization, we want to express our support and give our friends some love @BitMartExchange, They are already working hard to fix the security incident that happened yesterday. pic.twitter.com/CJZjQHaP59
-Shib (@Shibtoken) December 5, 2021
Natsuya Said The exchange will use its own funds to compensate the affected investors. “We are still talking with multiple project teams to confirm the most reasonable solutions, such as token swaps. No user assets will be compromised,” he added.
The hacker forced the exchange to temporarily suspend all withdrawals and deposits. However, Xia is confident that BitMart will resume services before December 7.
Synapse Bridge, a cross-chain protocol, recently avoided millions of dollars in loopholes on the Avalanche Neutral Dollar (nUSD) Metapool.
As reported by Cointelegraph, Synapse Bridge prevented hackers from stealing cryptocurrencies worth approximately $8 million:
“In the past 16 hours, we have encountered and discovered a contract error in the AMM Metapool contract dealing with the virtual price calculation method based on the virtual price of the underlying mining pool.”
While avoiding threats, Synapse Bridge quickly deployed a new nUSD pool as a means to further strengthen its security against similar attacks.