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BitMart hit by $391K hack amid security staff exodus
BitMart's founder claimed ongoing threats from disgruntled users and a conflict with former staff has made it harder to retain security staff.
Dextape brief
Crypto exchange BitMart said it was hacked for $391,000 on Monday, according to blockchain data firm Bitquery. Founder Sheldon Xia called it one of numerous attacks and said the security team is badly short of staff, partly because threats from unhappy users and a dispute with former employees make key technical workers reluctant to stay. BitMart had announced last July it would shut down by January 2027, then dropped that plan for a restructuring. This Monday, the firms A&M and W&C met for two hours behind closed doors with its 50 largest users still holding funds, and the exchange is now working toward a court-approved plan giving users exit options. Mercado Bitcoin, a Brazilian exchange, was also hacked this week, and Xia suggested the same attacker may be responsible.
Why it matters: The attacks and staffing strain at a platform holding user funds show how exchange security and restructuring can affect customers with assets still locked on the platform.
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