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The BitMart Crypto Exchange Hack Leaves Victims Still Waiting for Their Money

According to a report from CNBC, cryptocurrency exchange BitMart offered a complete refund to victims of the platform-wide $200 million theft, but some customers have yet to get their funds. On December 4th, hackers used a stolen private key to get access to one of BitMart’s hot wallets, or crypto wallets that are linked to the internet, and made off with a variety of tokens.

BitMart declared shortly after the occurrence that it will use its own funds to “cover the problem and pay impacted users.” However, according to CNBC, a number of disgruntled individuals have yet to receive their money back.

According to a CNBC story, an Iranian exile said he held $53,000 worth of SafeMoon on BitMart, with $40,000 coming from a loan. The publication also spoke with a Kansas-based investor who has $35,000 in limbo and alleges that if nothing is done to remedy the matter, he and 6,800 other investors may launch a class-action lawsuit against BitMart.

SafeMoon was the most damaged of all the tokens taken in the BitMart attack, according to statistics from blockchain security firm PeckShield. According to CNBC, SafeMoon users are fighting back on Twitter, using the #WenBitMart hashtag to demand their money back. This may be the only way customers feel they can draw attention to the problem, since CNBC says that when users contact BitMart to inquire about the status of their missing coins, they are met with ambiguous comments.

It’s yet unclear how BitMart plans to compensate all impacted customers. According to CNBC, while the exchange may buy back all of the tokens that were lost, it may do so at a considerably higher price. Other people wonder if BitMart will employ insurance to reimburse users. The Verge reached out to BitMart for comment, but did not receive a response right away.

Joe Wallace
Joe Wallace
Joe Wallace is a reporter with over two decades of experience, writing about the latest and greatest technology news. With the most experience on TheOptic team, Joe strives to help highlight the most exciting developments in the technology world, as well as bring you the latest updates on new and developing technologies from around the world.
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