Shiba Inu and Huobi come as saviors for BitMart to help overcome the $196M hack

After facing the recent attack of $196 million, the BitMart hack is being called one of the most devastating hacks in the history of the crypto world. Crypto exchange giant Huobi Global and Shiba Inu (SHIB) community have decided to come as a savior by helping the exchange solidify security and tracking inflows of attacked assets.

Crypto exchange BitMart has recently been a victim of a hot wallet attack hosted over Ethereum blockchain and Binance Smart Chain (BSC), resulting in a loss of $100 million and $96 million from the two chains, respectively.

The CEO of the company Sheldon Xia confirmed the attack by taking it to Twitter. As TheCoinRise reported, Xia informed that the main cause of the BitMart hack was stolen keys.

Soon after the CEO confirmed the hack, the exchange platform Huobi decided to take action and announced that it would be helping BitMart to track the asset inflow on its exchange and report matches to the stolen tokens.

Jeff Mei, the director of global strategy at Huobi, said that the most important factor that helps in dealing with such kinds of attacks is transparency and quick response. 

Shiba Inu follows Huobi in helping BitMart

Following the trend, the Shiba Inu community tweeted that it would also help BitMart, citing the already existing efforts in possible security threats reviewing for the community-built decentralized exchange ShibaSwap.

In his today’s tweet over the hack update, Xia said that the exchange is also planning to compensate affected users with its own funds. He further said that the company is in talks with several project teams to confirm the most suitable solutions, for example, token swaps. He also stressed that no other assets would be harmed in the process.

For security purposes, the exchange has seized all the withdrawals and deposits temporarily and aims to resume the services by December 7.