Mercado Bitcoin begins post-hack reopening without a timeline for withdrawals
Customers can view their pre-hack balances as access returns in phases. The exchange has yet to say when withdrawals will resume.
Mercado Bitcoin, a prominent Brazilian cryptocurrency exchange, has resumed providing customers with read-only access to their pre-hack account balances following a security breach that saw an estimated $49 million drained from the platform. However, the exchange has not yet announced a timeline for when customers will be able to withdraw their funds.
On Monday, a week after the attack, Mercado Bitcoin began restoring access to customer accounts in phases, with all accounts expected to be viewable by 21:00 UTC. The exchange's vice president of new business, Fabricio Tota, explained that this conservative approach is intended to ensure a secure return for customers.
The company has pledged to cover all losses using its own funds, bolstered by a $20 million investment from stablecoin issuer Tether. Additionally, a portion of the stolen funds have been frozen since the attack was announced. To move funds, users will need to confirm their registration details on the platform.
The exact dates for the restoration of withdrawals via Pix, Brazil's instant payment system, remain unspecified. Mercado Bitcoin has not disclosed how the attackers gained access to its wallets. As of Nov. 4, wallets linked to the attacker held most of the stolen funds, including 106.07 BTC.
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