The $200 million BitMart crypto exchange hack victims are still waiting for their money

The $200 million BitMart crypto exchange hack victims are still waiting for their money
Cybersecurity and the crypto world/courtesy

According to a CNBC report, cryptocurrency exchange BitMart promised a full refund to victims of the $200 million platform-wide hack, but some users have yet to receive their money. Hackers gained access to one of BitMart’s hot wallets or crypto wallets that are connected to the internet on December 4th and made off with a variety of tokens using a stolen private key.


BitMart announced shortly after the incident that it would “cover the incident and compensate affected users” with its own funds. However, a number of disgruntled users have yet to receive their money back, according to CNBC.


According to a report by CNBC, an Iranian refugee said he kept $53,000 in SafeMoon on BitMart, with $40,000 coming from a loan. The outlet also spoke with a Kansas-based investor who claims he and 6,800 other investors may file a class-action lawsuit against BitMart if nothing is done to resolve the situation.

According to data from blockchain security firm PeckShield, SafeMoon was the hardest hit of all the tokens stolen in the BitMart hack. As a result, according to CNBC, SafeMoon users are fighting back on Twitter, using the #WenBitMart hashtag to demand their money back. Unfortunately, users may feel this is the only way they can bring attention to the problem, as CNBC reports that when users contact BitMart to inquire about the status of their lost funds, they are given vague answers.


It’s still unclear how BitMart intends to compensate all customers who have been affected. While the exchange could buy back all of the lost tokens, CNBC reports that it may do so at a much higher price. Others wonder if BitMart will reimburse users through insurance.


About Robert Oluoch

My focus is economic, politics, entertainment and gaming reviews. My aim is to depict the complication of life through the combination of words and creativity.

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