In the wake of a nearly $ 200 million hack on the BitMart exchange, the Shiba Inu (SHIB) community and the Huobi Global crypto exchange aim to help the exchange strengthen security and track influxes of ‘stolen assets.
On December 5, the BitMart crypto exchange fell victim to a hot wallet compromise hosted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. As a result, the hackers were able to steal over $ 196 million, around $ 100 million from the Ethernet network, and around $ 96 million from the BSC blockchain.
1/3 We have identified a large-scale security vulnerability related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment, we are still in the process of concluding the possible methods used. The hackers were able to remove assets worth around $ 150 million.
– Sheldon Xia (@sheldonbitmart) December 5, 2021
Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that he would help BitMart track the influx of assets on his exchange and report matches with the stolen funds.
Huobi will do his best to help #BitMart in dealing with this issue. If there are any related asset entries, we will notify you and assist you in a timely manner.
– Huobi (@HuobiGlobal) December 5, 2021
In the wake, the Shiba Inu community also confirmed that they would help the hacked crypto exchange, citing their already-existing efforts to examine potential security threats to ShibaSwap, a decentralized exchange built by the community.
Even though the heart of our project is decentralization, we want to show our support and give some love to our friends from @BitMartExchange, who are already working hard to resolve the security incident that happened yesterday. pic.twitter.com/CJZjQHaP59
– Shib (@Shibtoken) December 5, 2021
Xia too noted the stock exchange would compensate the investors concerned with its own funds. “We are also discussing with several project teams to confirm the most reasonable solutions such as token swaps. No user assets will be damaged, ”he added.
The hack forced the exchange to temporarily halt all withdrawals and deposits. However, Xia is confident that BitMart will resume service by December 7.
Related: Synapse Bridge Prevents $ 8 Million Hack
The Synapse Bridge cross-chain protocol recently avoided a multi-million dollar exploit on the Metapool Avalanche Neutral Dollar (nUSD).
As Cointelegraph reported, Synapse Bridge stopped a hacker from stealing around $ 8 million worth of cryptocurrency:
“In the last 16 hours, we have encountered and discovered a contract bug in the way AMM Metapool contracts handle virtual price calculations against the base pool virtual price. “
As the threat was averted, Synapse Bridge quickly deployed new nUSD pools to further strengthen its security against similar attacks.