Huobi and the Shiba Inu Community Help BitMart Get Over $ 200 Million Hack

After a nearly $ 200 million hack on the BitMart exchange, the Shiba Inu (SHIB) community and cryptocurrency exchange Huobi Global want to help the exchange increase security and track the entry of stolen assets.

The cryptocurrency exchange is on Sunday BitMart fell victim to an online wallet compromise hosted on the Ethereum and Binance Smart Chain (BSC) blockchains. As a result, hackers stole more than $ 196 million, about $ 100 million over the Ethernet network and about $ 96 million over the BSC blockchain.

Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that it will help BitMart track the inflow of assets on its exchange and report matches on stolen funds.

Huobi and the Shiba Inu Community Help BitMart Get Over $ 200 Million Hack
Huobi and the Shiba Inu Community Help BitMart Get Over $ 200 Million Hack

In conversation with Cointelegraph, Huobi’s director of global strategy, Jeff Mei, suggested that transparency and quick responses are essential to dealing with these types of attacks:

“Exchanges should notify their users, other exchanges and law enforcement agencies as soon as possible and be transparent about what they are doing to deal with hacking and loss of user funds.”

Mei also stressed that users shouldn’t bundle all of their assets on a single platform or wallet. He advised users to carefully check the security measures of a platform before investing and to notify the responsible exchange employees immediately if they became aware of possible security incidents.

Following the example, the Shiba Inu community also confirmed that it would help the hacked crypto exchange, citing its pre-existing efforts to review potential security threats to ShibaSwap, a decentralized, community-created exchange.

Xia too called that the stock exchange would compensate affected investors with its own resources. “We also speak to several project teams to confirm the most sensible solutions like exchanging tokens. It will not damage any user resources, ”he added.

The hack forced the exchange to temporarily suspend all withdrawals and deposits. However, Xia is confident that BitMart will resume services on Tuesday.

The cross-chain protocol Synapse Bridge recently avoided a multi-million dollar exploit in the Avalanche Neutral Dollar (nUSD) metapool.

As Cointelegraph reported, Synapse Bridge prevented a hacker from stealing approximately $ 8 million worth of cryptocurrencies:

In the past 16 hours, we have encountered a bug in the way that AMM Metapool contracts do calculations of virtual price versus base virtual pool price.

Although the threat has been averted, Synapse Bridge quickly deployed new nUSD pools to increase their security against similar attacks.

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