In a post, Shiba Inu’s team wrote that it is trying to increase security around crypto assets and the community’s decentralized exchange ‘Shibaswap’.
The Huboi team, on the other hand, has stated that it will immediately contact the Bitmart team if any of the stolen assets are found to be recovered.
Huobi will do our best to assist #BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner.
— Huobi (@HuobiGlobal) December 5, 2021
$100 million (approximately Rs 754 crore) of stolen crypto assets are Ethereum based, while the remaining $96 million (approximately Rs 724 crore) assets were based on the ‘Binance Smart Chain’.
Bitmart CEO Sheldon Zia acknowledged the breach on Twitter. He has assured the investors who have lost their assets that the company will compensate them from their funds.
2/4 BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed.
— Sheldon Xia (@sheldonbitmart) December 6, 2021
After the breach came to light, Bitmart had suspended the withdrawal process for some time. Now slowly it is being started.
According to a report by NewsRoomPost, hackers used a decentralized exchange aggregator named “1inch” to swap stolen assets for Ether tokens.
The acquired Ether tokens are being deposited into a privacy mixer named Tornado Cash. This makes it difficult to trace the hacked funds.
With the rapid increase in the popularity of cryptocurrencies, frauds related to them have also increased at the same rate. Recently the Shiba Inu has also alerted its investors about a scam. The official Twitter account of the Shiba Inu has alerted SHIB investors about a scam that is taking place on the messaging app Telegram. Cybercriminals are collecting posts about SHIB giveaways and bonus tokens. Trying many more methods and then copying the official accounts of Shiba Inu and replying to the general post related to SHIB. SHIB investors are advised not to share wallet keys with strangers.
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