Bitmart to reimburse $200 million to customer

[Marvell1]

Ascendex was also hacked and an estimated total of $78 million was stolen in Ethereum, BNB and Polygon tokens. It appears that none of these exchanges in the cryptospace has escaped from the problem of being hacked hehe. Binance, Kucoin, OKex, almost every exchange had millions of dollars in coins stolen from them. I reckon the only exchange that has not yet been hacked is FTX.

It's been 3 days and the exchange still hasn't reopened, deposits and withdrawals are still suspended. I visited their official telegram and they still have not announced when the exchange will be back to normal.

[DapanasFruit]

Soon we can say that all centralized exchanges big and small, known and relatively unknown do suffered at one time or another successful hacking. The truth is that if Binance was hacked before there is nothing that can stop hackers from getting into other exchanges as well. This is a big threat to the whole cryptocurrency industry, no wonder many CEXs are doing good level of business and adoption though we can't really say that they are 100% safe. Now, since this problem will never go away but will even intensify even more as time goes on, there are two things an exchanges should do: 1. invest more with the latest, the best and "hack-proof" technological advances on security; and 2. make sure there is some form of an "insurance" in place for the users to get compensated.

[Strongkored]

Not too surprised anymore by news like this, there will always be news where CEX is hacked.
What's interesting is that Huobi confirms that they will help Bitmart to report any funds that enter their exchange that may be from a hack, whether this actions can work well and help Bitmart to reduce the lost fund.

https://twitter.com/HuobiGlobal/status/1467375467913121801

[bittraffic]

Not your keys, not your bitcoin.

There’s a reason this phrase became so commonly used in cryptoland. Too many people get comfortable leaving their assets on third party exchanges. Why leave your money in anybody else’s control?
You should only transfer coins to online platforms when you plan to sell them. Do not leave your money in anybody else’s control.

There are too many stories of people losing their money, it’s sad.

Very correct exchange wallets are not reliable and are always prone to attacks because the wallet is custodial so the security system is always under attack, you should hold your money in a none custodial wallet with your private keys saved and secured by you.

Many still don't understand this because they only meant to make money and still find the withdrawal fee too high so they pay the bigger price for keeping the coins on the centralized platform. Bitmart refunding these holders I guess is good marketing for them just like what Binance did in the past.

But the fact that this isn't the first hack means there will be more coming. And it's not going to be surprising if it's just a marketing gimmick though. Even the decentralized Poly Network was hacked too. Fortunately, the hacker gave back the majority of the funds.

[yazher]

Very correct exchange wallets are not reliable and are always prone to attacks because the wallet is custodial so the security system is always under attack, you should hold your money in a none custodial wallet with your private keys saved and secured by you.

It has been like that every year that's why everyone who has a decent amount of bitcoins with them needs to hodl their BTC on a hard wallet where they're the only one who has the access to it, not just some common exchanges where everything can be doctored to be published as a hack but in reality what happened was an inside job or something similar to that. You just need to use it even if it is your first time because days will pass, you will get used to it and when you see the exchange you usually use got hacked someday, you will be thankful to take the necessary step to secure your crypto assets.

[suryogandul]

I received an email from bitemark on the 5th of December informing me about an attack on its got wallet which is hosted in two blockchains Bianca smart chain and Ethereum blockchain. As a result of that a total of $200 million worth of assets ranging from Bitcoin, baby don't, and some other coin. The news of the reimbursement came as a great relief to victims.
https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

This hacking incident can be used as an experience for Bitmart users in the future. holding on the exchange in the long term and large amounts is not good and is prone to hacking risks.
however, i appreciate the step bitmart is responsible to the users to replace the assets of the users.
maybe this is a step by bitmart to maintain the reputation of bitmart in the public after a hack occurs in the bitmart system.
the most important thing is waiting for bitmart proof, not just a promise to return the members' assets

[Wiwo]

bad news/good news ? Bitmart security can be hacked?  is it possible to be trusted again in the future? such incidents hit a hard on investors views security in the global crypto market  I fear there will be a drastic downturn scenario ! how can we see a good future if there is always news because of hacking? ^{fortunately I always follow the words of the master in here "don't leave your assets on the exchange for a long time"}

Even binance which is a world 1st class exchange has been hacked on several not but the most important thing is for the team to have safu funds that can cover the user's loss just like insurance.
For bit smart to have taken this step to pay for users lost its show they committed to the rules.

[Imran232]

At present, we are hearing lots of hacking news all because of the popularity of bitcoin worldwide. Everyone wants to grab bitcoin, but because of its price, everyone can't grab more. And hackers are one of them. They also want to grab bitcoin. But they don't want to buy with their income; they want to steal from others. And they are trying to hack others. And that is why we are hearing lots of hacking news these days. And I see in this forum, lots of friends are only talking about centralized exchanges, but they don't talk about decentralization. They also face hacking problems. So hacking is our everyday problem in DEX. There is no cure, except that it's tough to hack. But cex aren't particularly difficult, but they're also not particularly simple. In that case, the top-rated exchange offers a money-back guarantee. why I loved to use Cex too. Does that problem have any cure?

[Fortify]

I received an email from bitemark on the 5th of December informing me about an attack on its got wallet which is hosted in two blockchains Bianca smart chain and Ethereum blockchain. As a result of that a total of $200 million worth of assets ranging from Bitcoin, baby don't, and some other coin. The news of the reimbursement came as a great relief to victims.
https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

It's kind of a laughable response, because they have no means to get back the original money so they would be relying on users to trust their platform and ignore this hack basically. Their whole idea moving forward is to earn money from the transactions that future users do in order to pay back money that was just stolen. The whole business plan for this company revolves around transaction fees they can earn from users, so anyone who sticks with them is basically paying for money that this company lost them in the past. Who would even trust them again because they obviously let their guard down once or did not pay for high enough security, meaning this is very likely to happen again now they have even less funding to use.

[NeuroticFish]

The news of the reimbursement came as a great relief to victims.

Lately it's basically the only way an exchange can remain in business after a hack. Of course, some will prefer to give up. And of course, in some cases it's inside job too (probably here it wasn't).
But one cannot know for certain what will actually receive in such a situation and there's always a delay.

As said: not your keys, not your coins. One has to be very careful and avoid keeping too much money on exchanges. As I said, one cannot rely that the exchange will reimburse him.

[bL4nkcode]

The news of the reimbursement came as a great relief to victims.

Yes, for now, but it should be a lesson to be learned. If this hack taken with a large sum of exchange funds then bitmart's users has nothing to get and end up with nothing.

This also an example of only use big exchange that can repay its users if hack happens than using a random new exchange with good offers.

[Fatunad]

Not your keys, not your bitcoin.

There’s a reason this phrase became so commonly used in cryptoland. Too many people get comfortable leaving their assets on third party exchanges. Why leave your money in anybody else’s control?
You should only transfer coins to online platforms when you plan to sell them. Do not leave your money in anybody else’s control.

There are too many stories of people losing their money, it’s sad.

And this would continue as long these platforms do exist and since people do find the hassle on keeping those transactions active in between wallets then they would really be likely ending up on storing their funds on any 3rd party and exchangers would be in common place and other stuffs. Not your keys Not your coin is always been reminded off but not all would really be that be minding off about the possible risk and go ahead until theyve been fucked up with these kind of situations.
In most cases there would be no reimbursement but its good if you do actually hear off these news on giving out something that you had lost.

[kawetsriyanto]

I seem to see a strange scenario here, they are like doing a drama to attract the sympathy of others that their exchange is a responsible exchange.

What is strange here? Surely, it is not a drama, they look serious to reimburse customers' money. Sheldon Xia as the CEO, already announced on his official tweeters about the reimbursement. You only can say "it is a drama" if they revoke the reimbursement then. But if they really pay the money to customers, you don't deserve to say it is a drama. 

if you have a large enough capital do not trade on exchanges that do not have a good reputation, you better trade your btc on DEX.

Even in reputable exchanges, there is no guarantee for the safety of our balance. The best way is not to keep our money in exchanges' wallets for a long time. Whether choosing CEX or DEX, is a personal choice. You cannot claim DEX is better, CEX is also a good choice as long as we can manage our capital properly.

[adzino]

I received an email from bitemark on the 5th of December informing me about an attack on its got wallet which is hosted in two blockchains Bianca smart chain and Ethereum blockchain. As a result of that a total of $200 million worth of assets ranging from Bitcoin, baby don't, and some other coin. The news of the reimbursement came as a great relief to victims.
https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

They had to reimburse their users or they would have ended up losing their reputation. They would have lost most of their users. Offering reimbursement made current traders feel more safe. They now think if the exchange ever gets hacked, their funds will still be returned (i know... won't always happen. But this is what they believe now).
Anyway, most of the well known exchanges would have reimbursed their users. All of them contingency reserve funds for situations like this.
We have been hearing about hacks like this for years, yet people still store their coins in the exchange.

[Darker45]

Oh, yes, they will reimburse the victims just as Mt. Gox, Cryptopia, Livecoin, and other hacked centralized exchanges will also reimburse their clients of lost funds. You know the story. Well, $200 million is probably not that huge and the company could very well refund all their victims down to the last Satoshi but I do hope it will not take forever. And, surely, every single client will have to prepare their personal information to be submitted to the very exchange that failed to protect their money.

[MrcMrc]

Oh, yes, they will reimburse the victims just as Mt. Gox, Cryptopia, Livecoin, and other hacked centralized exchanges will also reimburse their clients for lost funds. You know the story. Well, $200 million is probably not that huge and the company could very well refund all their victims down to the last Satoshi but I do hope it will not take forever. And, surely, every single client will have to prepare their personal information to be submitted to the very exchange that failed to protect their money.

That true most centralized exchange have a reserve where their settle victims of hacked incidence, bitmart did the right thing but my question is what is the exact amount the hackers stole from the hot wallets?

[bbc.reporter]

Ascendex was also hacked and an estimated total of $78 million was stolen in Ethereum, BNB and Polygon tokens. It appears that none of these exchanges in the cryptospace has escaped from the problem of being hacked hehe. Binance, Kucoin, OKex, almost every exchange had millions of dollars in coins stolen from them. I reckon the only exchange that has not yet been hacked is FTX.

Everyone is really vulnerable in this crypto space, hackers are everywhere and one step of the game.

It this is totally true, then good for those customers who lost their coins because they are going to be reimburse and Bitmart has also this sort of SAFU.

And it's interesting that they have a deep pocket and obviously they have already a ton of profits from crypto traders since their inception.

I reckon an exchange being hacked is something similar to a baptism or a welcome to the world of the cryptospace hehehe. However, if you observe to tokens issued by the exchange, the negativity of the news will not influence the price of the token after a few months. The tokens still pump as if nothing has happened. Being a hacked exchange has become the new normal hehe.

[Falin009]

Hi guys. Be careful with Bitmart. I did two deposits on the last days of september of 2021. In total 50 dollars. It went up to 225 dollars but finally I can not withdraw my funds. I have written several tickets since September in order to claim the service of withdrawal of funds but they do not answer me. Or they
answer with a robot and with answers not related. After three months they have not solved my problem. They establish several levels of identity verification and my account level is zero In this level zero they says 'You can not withdraw temporaly, verify identification to increase withdraw limit' But I have completed all the steps of verification and even the level 2 of advanced verification. And however they continue blocking my withdrawal option. Even more, now I can not trade cryptos. It is incredible!!!
I write different requests where I explain them my problems but they play dumb. It sounds murky and consequently I do not trust this company.

Be careful with Bitmart!!!

I am sorry if accounts of Bitmart have been hacked and I hope customers get their money back.
But here there are strange things and I do not like
Good luck with the reimbursement!!!
I already give up my 50 dollars but at least it is only 50 dollars

[Marvell1]

Ascendex was also hacked and an estimated total of $78 million was stolen in Ethereum, BNB and Polygon tokens. It appears that none of these exchanges in the cryptospace has escaped from the problem of being hacked hehe. Binance, Kucoin, OKex, almost every exchange had millions of dollars in coins stolen from them. I reckon the only exchange that has not yet been hacked is FTX.

It's been 3 days and the exchange still hasn't reopened, deposits and withdrawals are still suspended. I visited their official telegram and they still have not announced when the exchange will be back to normal.

What particular exchange? Bitmart or Ascendex? Because I'm accessing Bitmart right now but I don't know if they are accepting deposit and withdrawal since I don't have balance on my account there. It's a good sign that there website is still alive because it only means that they still want to operate despite of there financial loss. Most of the exchange that planning to exit usually close the website without further notice or let there user notified about last day of withdrawal. I think they will loan funds to start again there business.

AscendEX (Bitmax), not Bitmart. Website is still active but deposits and withdrawals have been suspended for the past few days, I think they will solve the issue soon. Most exchanges have 3rd party insurance, in the event of an accident the insurance will take part of the responsibility.

[Wiwo]

Oh, yes, they will reimburse the victims just as Mt. Gox, Cryptopia, Livecoin, and other hacked centralized exchanges will also reimburse their clients of lost funds. You know the story. Well, $200 million is probably not that huge and the company could very well refund all their victims down to the last Satoshi but I do hope it will not take forever. And, surely, every single client will have to prepare their personal information to be submitted to the very exchange that failed to protect their money.

You are right timing is of utmost importance because before the team will conduct an audit to know how much the hacker took from each wallet and coming out will deposits back to their client I guess it will take up to a week or so. Don't know if the customers are reimburse.