CoinDesk
Mercado Bitcoin says it will cover losses from a hot-wallet hack that drained about $38 million to $40 million across at least 10 blockchains. The Brazilian exchange says customers will lose no funds and that no customer data was leaked. It temporarily suspended platform access as a precaution.
Why it matters
The response shifts the immediate financial burden from customers to the exchange, while the freeze offers a partial recovery path. Tether, Circle and Chainalysis helped freeze $11 million of the stolen assets. Mercado Bitcoin says it is tracing the funds and coordinating with authorities as its teams investigate.
The incident highlights the operational and reputational stakes of hot-wallet security across multichain platforms. Even when an exchange pledges to make users whole, the breach can disrupt access and leave recovery dependent on tracing and cooperation across networks and firms.
Market impact
The exchange's commitment limits the stated direct loss to customers, but the hack remains a security and business risk for Mercado Bitcoin. Platform access was suspended as a precaution, and the investigation is ongoing.
The breach comes days after a separate attack stole more than $6 billion from Binance; Binance reopened withdrawals Sunday. The FBI attributed that attack to North Korea's TraderTraitor group. The two incidents are separate, but they keep exchange security and asset recovery in focus across the industry.
Frequently asked questions
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How much did Mercado Bitcoin say the hack cost?
The exchange said about $38 million to $40 million was lost from hot wallets across at least 10 blockchains.
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Will Mercado Bitcoin customers lose funds?
Mercado Bitcoin pledged to cover the losses and said customers would lose no funds.
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How much of the stolen assets has been frozen?
The exchange said $11 million was frozen with help from Tether, Circle and Chainalysis.
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Was customer data exposed in the Mercado Bitcoin hack?
Mercado Bitcoin said no customer data leaked.
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Why did Mercado Bitcoin suspend platform access?
The exchange temporarily suspended access as a precaution while teams investigate and trace the assets.
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