BitMart exchange suffers security breach during restructuring

BitMart founder Sheldon Xia has confirmed a security breach at the cryptocurrency exchange, describing the incident as minor. The hack reportedly occurred on November 2, the day before Xia addressed the matter on social media.

While Xia characterized the impact as limited, on-chain reports estimate that approximately $391,000 was moved out of BitMart-linked wallets. The exchange has not yet officially disclosed the specific assets involved or the exact number of affected wallets.

The breach occurs as BitMart undergoes a wind-down and restructuring process, leaving the company with only a core team. Investigators are reportedly looking into whether the attackers are connected to a previous $38 million attack on Mercado Bitcoin. This follows a much larger security incident at BitMart in 2021, which involved the loss of tens of millions of dollars.