Brazil's largest crypto exchange Mercado Bitcoin pledges to cover losses from hack

Brazil's largest cryptocurrency exchange Mercado Bitcoin stated that the security incident on November 2 did not cause any loss of customer assets, with customer assets guaranteed by the platform. The platform said the incident involved approximately $38 million in assets, and that $11 million has been frozen in cooperation with the crypto community and partners.

Estimates of the loss amount vary across different institutions: Hypernative detected over $40 million in suspicious transfers, Arkham traced at least $46 million, and Chainalysis estimated approximately $49 million, of which nearly $10 million was frozen. Tether froze more than $4.5 million in USDT related to the incident.

Mercado Bitcoin stated that no customer fund losses or data breaches have been found, but it has not yet explained how attackers gained access. The platform currently remains suspended for deposits and withdrawals, with no set timeline for resumption, and will restore services once security conditions are fully recovered. (Decrypt)