Shiba Inu Community, Huobi Exchange to Help Hacked Bitmart Trace Stolen Cryptos Worth $200 Million

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Crypto exchange Bitmart suffered a loss of $196 million (approximately Rs 1,479 crore) stored in various cryptocurrencies. The Shiba Inu community has joined hands with Huobi Global Exchange to help Bitmart trace and recover stolen funds. The stolen crypto tokens were directed to the wallet of unknown hackers hiding under the pseudonym of “Bitmart Hacker”. During these testing times, both the Shib community and the Huobi exchange have tweeted support for Bitmart.

In a post, the Shiba Inu team wrote that it is trying to increase security around crypto assets and the community’s own decentralized exchange, called Shibaswap.

Huboi team on the other hand said that it will contact immediately bitmart Team upon detection of any flow of stolen property.

while theft Ethereum-based crypto assets were created for $100 million (approximately Rs.754 crores), with the remaining $96 million (approximately Rs.724 crores) worth of assets based on the following Binance Smart Chain.

Bitmart CEO Sheldon Xia, who admitted to the breach Twitter has assured the affected investors who lost their assets that they will be compensated from the company’s own funds.

The withdrawal process, which has been suspended for some time by Bitmart, will gradually resume from December 7.

according to a report good By NewsRoomPost, a decentralized exchange aggregator called “1inch” is used by hackers to swap stolen assets in return. ether token

The received Ether tokens are being deposited into a privacy mixer called Tornado Cash, making the hacked funds difficult to trace.

Recently, cybercriminals started targeting members of Shiba Inu community on messaging app Wire

It was found that the scammers were replying to generic SHIB-related posts impersonating official accounts related to the meme-based doggy coin to lure unsuspecting people. These scammers were also collecting posts about SHIB giveaways and bonus tokens, among other tricks. SHIB investors have been advised to refrain from sharing wallet keys with any stranger.


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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on technology and telecommunications for the past three years and will focus on writing about all things crypto. In addition, she is a major sitcom nerd and often answers in Chandler Bing and Michael Scott references. For suggestions or queries you can contact him at [email protected]
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