BitMart receives the support of Huobi and the shiba inu community (SHIB) following its hack. One of them offers concrete help, while the other shows solidarity with BitMart in a symbolic way.
BitMart hack: Huobi on the trail of stolen funds
On December 5, 2021, Huobi says in a tweet, that the platform will “do its best to help” the BitMart exchange, which suffered a hack of more than $196 million in cryptocurrencies on the same day. Huobi will, among other things, report stolen assets that pass through its platform.
For Huobi’s global chief strategy officer, Jeff Mei, transparency and responsiveness are the right responses to these attacks:
“Exchanges should alert their users, other exchanges and law enforcement authorities as soon as possible and be transparent about what they are doing to manage the hacking and loss of user funds.”
The SHIB community’s emotional support for BitMart
The SHIB community also showed its solidarity to BitMart, while recalling its efforts to analyze possible flaws that could expose the decentralized exchange ShibaSwap to possible attacks :
“Even though the core of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange who are already working hard to resolve the security incident that happened yesterday.”
BitMart CEO Sheldon Xia tried to reassure the exchange’s users who were victims of the hack, suggesting that the company is looking into several solutions to refund all the stolen cryptocurrencies:
“We are also talking with multiple project teams to confirm the most reasonable solutions, such as token exchanges. No user assets will be harmed.”
BitMart, however, had to temporarily halt all withdrawals and deposits as a result of the hack, and planned to resume no later than December 7, 2021, which is today.
BitMart is raising the stakes in terms of hacks in decentralized finance. While the cryptosphere is seeing fewer frauds, DeFi is an exception. The sector is now the favorite target of hackers. Not sure if the inter-exchange solidarity or between crypto players in general is enough of a deterrent for hackers who can siphon off millions of digital assets with a few clicks.