Bitmart, a cryptocurrency exchange, lost $196 million (approximately Rs. 1,479 crore) in cryptocurrency. The Shiba Inu community has teamed up with Huobi Global Exchange to assist Bitmart in tracking down and recovering stolen cash. The stolen crypto tokens were sent to the wallet of an unnamed hacker(s) operating under the moniker “Bitmart Hacker.” During these testing phases, both the Shib community and the Huobi exchange have tweeted their support for Bitmart.
The Shiba Inu team noted in a blog post that it has been working to improve security surrounding crypto assets and the ShibaSwap, the community’s own decentralized exchange.
The Huboi team, on the other hand, stated that any inflow of stolen funds will be instantly reported to the Bitmart team.
The stolen Ethereum-based crypto assets totaled $100 million (approximately Rs. 754 crores), with the remaining $96 million (about Rs. 724 crores) in Binance Smart Chain assets.
Bitmart’s CEO, Sheldon Xia, admitted the breach on Twitter and promised that impacted investors who lost money will be paid using the company’s own cash.
Bitmart’s withdrawal operations, which have been temporarily halted, will progressively resume beginning December 7.
According to a report by NewsRoomPost, the hackers utilized a decentralized exchange aggregator named “1inch” to trade the stolen money for Ether tokens.
The compromised monies are being placed into a privacy mixer called Tornado Cash, making it harder to track them down.
On the messaging app Telegram, cyber fraudsters have recently begun targeting members of the Shiba Inu community.
Scammers were seen posting to generic SHIB-related posts, imitating official accounts associated with the meme-based dog currency in order to entice naive users. These con artists also gathered information regarding SHIB freebies and extra tokens, among other things. Investors in SHIB are warned not to share their wallet keys with strangers.