BitMart Gains Solidarity Support From Huobi and Shiba Inu

After the security breach on Bitmart that led to the loss of $196 million worth of crypto assets, Shiba Inu Community and Huobi have announced their support for the crypto exchange. The hack, which was due to a compromised private key of two hot wallets, is one of the largest in history.

Huobi and Shiba Inu Expresses Support 

Huobi has promised to report the inflow of any asset related to the ones stolen immediately. It mentioned this in a tweet and vowed to assist the crypto exchange in any way it could. 

Huobi will do our best to assist BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner

The Shiba Inu Community also expressed its love and support for the exchange even though its focus is on decentralization.

The hack was first noticed by the blockchain analytics and security company, Peckshield. After it noticed consistent outflows of crypto assets from wallets on the Ethereum blockchain and Binance Smart Chain, the hackers ended up stealing $100 million worth of crypto assets from Ethereum and $96 million worth from BSC. 

The exchange later confirmed the hack claiming that the funds were siphoned from two hot wallets that were compromised. It claimed that this was merely a small portion of the funds on the exchange.

BitMart Remains Positive Despite Setback

You’ll recall that we reported that BitMart CEO and founder Sheldon Xia have been active on Twitter since the incident happened, communicating the latest updates and developments about the incidents. He announced the completion of a security check which identified the stolen tokens and further added that all other assets in the exchange are safe.  

The CEO also added that all affected users would be fully compensated by exchange, and BitMart is currently consulting project teams to find the most reasonable solutions. Presently, the withdrawals remain suspended on the platform, but BitMart is optimistic that it can resume deposits and withdrawals by December 7.