Mercado Bitcoin Estimates Hack Losses at $46 Million, Vows Full Customer Reimbursement

Brazilian cryptocurrency exchange Mercado Bitcoin said it will fully reimburse customer losses from a hack with its own funds. It plans to restore account access services first, while withdrawals and trading will resume after separate security checks.

Cointelegraph reported on November 4 that Mercado Bitcoin said on its website it would restore services in phases, beginning with access to balances, transaction history, asset holdings and investment status. Fund transfers, withdrawals and trading will be brought back gradually after an independent security review.

Blockchain analysts estimate more than $46 million was stolen. The exchange said more than $15 million of the affected funds has already been frozen with help from industry participants, and that it is preparing to repurchase the necessary assets in domestic and overseas markets.

In the attack, which was disclosed last month, funds in the exchange's hot wallets and customer deposit addresses were transferred out. The attackers are understood to have moved the assets through standard transfer methods.

The exchange also sought to calm liquidity concerns, saying it has sufficient cash reserves. It added that stablecoin issuer Tether invested $20 million to support business expansion and said the affected assets would be covered with its own funds.