Since the BitMart exchange was hacked for almost $ 200 million, the community of Shiba Inu (SHIB) and the crypto exchange Huobi Global have tried to help the exchange improve security and track the flow of stolen assets.

On Sunday, the crypto exchange BitMart fell victim to a hack of a wallet hosted by the blockchains Ethereum and Binance Smart Chain (BSC). As a result, hackers stole more than $ 196 million, around $ 100 million via Ethernet and around $ 96 million via the BSC blockchain.

Shortly after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced that it would help BitMart track the flow of assets on the stock exchange and report matches with stolen funds.

In a conversation with Cointelegraph, Jeff May, Huobi’s Chief Strategy Officer, suggested that openness and quick reactions are crucial to fighting these attacks:

“Stock exchanges must notify their users, other exchanges and law enforcement agencies as soon as possible, and be transparent about what they are doing to deal with hacks and loss of user resources.”
May also stressed that users should not gather all their belongings in one platform or wallet. Users are advised to carefully review the platform’s security procedures before investing and immediately notify employees of the relevant exchange if they become aware of a potential security incident.

Later, the Shiba Inu community also confirmed that they would help the hacked crypto exchange, citing an attempt already in place to analyze potential security threats against ShibaSwap, a decentralized exchange created by the community.

Shea also said that the stock exchange will compensate the affected investors with its own money. “We are also in talks with several project teams to confirm smarter decisions, such as token exchange. User resources will not be affected. ”

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

Related: Synapse bridge prevents $ 8 million hack

Synapse Bridge IP recently prevented the multimillion-dollar abuse of the Metapool Avalanche Neutral Dollar (nUSD).

According to the Cointelegraph, the Synapse Bridge prevented a hacker from stealing $ 8 million worth of cryptocurrencies:

“Over the last 16 hours, we have encountered and found a contractual error in the way AMM Metapool contracts handle standard price calculations related to the standard price of the underlying pool.”
Despite avoiding the threat, Synapse Bridge quickly deployed new batches of nUSD to strengthen its defenses against such attacks.

Source: CoinTelegraph

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