BitMart to Compensate Users with Own Funding After Hack, CEO Sheldon Xia Assures

Following a significant security breach, BitMart CEO Sheldon Xia has announced that the crypto exchange will compensate affected users using its own funds. This commitment comes after a large-scale hack on Saturday night resulted in substantial losses for many users.

According to CEO Sheldon Xia, BitMart is dedicated to making users whole after the devastating attack. Sheldon Xia stated that the company would compensate all affected users, absorbing the nearly $200 million lost in the hacking attack. While BitMart CEO Sheldon Xia confirmed the plan to use our own funding to repay users, he did not provide a specific timeline for when users can expect to receive their reimbursements.

The estimated losses from the hack amount to $100 million in cryptocurrencies on the Ethereum blockchain and other assets. The hackers exploited vulnerabilities, using decentralized exchange aggregator 1inch to swap stolen tokens for ether. They then deposited ether funds to privacy mixer Tornado Cash in an attempt to hide their tracks.

Despite the setback, BitMart is taking swift action to address the situation. BitMart is scheduled to resume withdrawal functions on Tuesday and will use its “own funding to cover the incident and compensate affected users”. This demonstrates BitMart\'s commitment to its user base and its willingness to shoulder the financial burden caused by the security breach.

The promise from BitMart CEO Sheldon Xia that BitMart plans to use its own funds to compensate users affected by the hack offers a degree of reassurance to those impacted by the event. Updates and further announcements regarding the compensation process are expected from BitMart in the coming days.