Huobi and Shiba Inu community to help BitMart overcome $200M hack

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Huobi and Shiba Inu community to help BitMart overcome $200M hack

Over the weekend, hackers made away with nearly $200 million in 20 different tokens.

Following a near-$200-million hack on the BitMart exchange, the Shiba Inu (SHIB) community and crypto exchange Huobi Global aim to help the exchange strengthen security and track inflows of stolen assets.

On Sunday, crypto exchange BitMart became victim to a hot wallet compromise hosted over the Ethereum and Binance Smart Chain (BSC) blockchains. As a result, the hackers stole over $196 million, roughly $100 million over the Ethernet network and around $96 million over the BSC blockchain.

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

Speaking to Cointelegraph, Huobi director of global strategy Jeff Mei suggested that transparency and quick responses are essential in dealing with such attacks:

Xia also said the exchange would compensate affected investors with its own funds. “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed,” he added.

The hack forced the exchange to stop all withdrawals and deposits temporarily. However, Xia is confident BitMart will have resumed services by Tuesday.

Cross-chain protocol Synapse Bridge recently averted a multi-million-dollar exploit on the Avalanche Neutral Dollar (nUSD) Metapool.

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

“Over the past 16 hours, we encountered and discovered a contract bug in the way that the AMM Metapool contracts handle virtual price calculations against the base pool’s virtual price.”

While the threat was averted, Synapse Bridge soon deployed new nUSD pools to strengthen its security against similar attacks.

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