BitMart crypto exchange victims of $200 million hack waiting to get their money back

BitMart had promised a full reimbursement to the victims of the platform-wide $200 million hack

January 10, 2022

BitMart hack: Victims still waiting for compensation from crypto platform, not yet paid back

Crypto currency exchange BitMart had promised a full reimbursement to the victims of the platform-wide $200 million hack. Even after over a month since the exchange was hacked, the victims of the $200 million hack are still waiting for their reimbursement.

Hackers stole various crypto tokens on December 4, after using a stolen privacy key to gain access to one of BitMart’s hot wallets, otherwise known as a crypto wallet that’s connected to the internet.

Shortly after the hacking, BitMart announced that it would use its own funding “to cover the incident and compensate affected users”. However, it is unclear how BitMart plans on reimbursing all affected users.

a report said on Sunday, “Many BitMart customers say they haven’t received any form of reimbursement.”

BitMart said in a statement that it would use its own money to reimburse victims of the large-scale security breach, which the exchange blamed on a stolen private key.

It further said that it was talking to multiple project teams to confirm the most reasonable solutions such as token swaps.

BitMart assured, “No user assets will be harmed. We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated.”

Of all the tokens stolen in the BitMart hack, data from the blockchain security company, PeckShield, showed that the SafeMoon token was hit hardest.

SafeMoon holders have taken their fight to Twitter with the #WenBitMart hashtag, demanding the return of their funds. It tweeted, “WE AINT SLOWING DOWN KEEP TWEETING #WENBITMART.”