Hacked BitMart Exchange Joins SafeMoon CEO to 'Rectify' Situation; Will Crypto Investors Recover Losses?

After the unforgettable security breaches of Bilaxy and Poly Network and last week's BadgerDao hack, crypto exchange platform BitMart is the latest addition to the list of hacked exchange platforms.

On Sunday, the company announced that they had identified a large-scale security breach reportedly resulting in the loss of $200 million of various cryptocurrencies. The blockchain security and data analysing company Peckshield initially broke the news after finding an Ethereum blockchain transaction of $100 million.

Scammers targeted over 20 digital tokens, meme coins including, BabyDoge, SafeMoon, Shiba Inu, Floki, GMR, MOONSHOT and Binance Coin, in one of history's biggest cryptocurrency hacks. BitMart has notified that it has suspended all withdrawals on the cryptocurrency exchange platform following the breach.

BitMart Hacked
Web Screen Grab

Hacked BitMart Joins SafeMoon CEO to 'Rectify' Situation

Responding to the situation, SafeMoon CEO John Karony tweeted, "For clarification, SafeMoon (company) was NOT hacked. BitMart was."

Later, Karony jumped into action to rectify the situation with BitMart as the SafeMoon CEO further tweeted, "Thank you. @BitMartExchange team for working with me and my team to rectify this situation. #SAFEMOONARMY, When we receive more information, I will let you know."

Will Investors Affected by BitMart Hack Get Back Their Money?

Investors are worried if they will recover their invested value. However, BitMart CEO Sheldon Xia has assured that the company will use their own funding to cover the incident and compensate affected users. "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 said.

BitMart Tracking Crypto Hackers

Bitmart has also notified investors they will work with law enforcement to solve the issue. The crypto exchange is currently tracking the hackers' activities and taking necessary action to recover the stolen assets.

BitMart to List Qredo (QRDO) on This Day

Meanwhile, several cryptocurrencies including, SafeMoon, Floki Inu, Shiryo Inu, GHCArmy, Metrix, have extended support to the exchange platform BitMart for the hack. But despite the hack, many tokens are lined up for listing on the exchange. While the cryptocurrency exchange is ready to list a couple of coins including, Qredo (QRDO) on December 14, 2021, it had listed Kalamint (KALAM) on November 12, 2021.