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Bitmart Safemoon

Bitcoin exchange BitMart Safemoon still waiting to return $200 million to victims of hack

In a report from CNBC, cryptocurrency exchange BitMart Safemoon promised a full reimbursement to victims of the $200 million hack, but some users still have not received it. On December 4th, hackers gained access to a BitMart hot wallet using a stolen privacy key. A hot wallet is, essentially, a crypto wallet that is connected to the internet.

CNBC reports that BitMart Safemoon announced shortly after the incident that it would use its own funds “to cover the incident and compensate customers.” However, a number of frustrated customers have not yet received their funds back.

According to CNBC, an Iranian refugee said he stored $53,000 worth of SafeMoon on BitMart, of which $40,000 came from a loan.

The outlet also spoke with a Kansas investor who still has $35,000 waiting for him – he claims he and 6,800 other investors could sue BitMart if nothing is done about the current situation.

A blockchain security company, PeckShield, reports that SafeMoon tokens were the most affected by the BitMart Safemoon hack. CNBC reports that SafeMoon holders are taking to Twitter in order to demand the return of their funds with the hashtag #WenBitMart.

Some users feel this may be the only way to get BitMart to pay attention to the issue, given the vague responses they receive if they contact the company to inquire about the status of their funds.

Exactly how BitMart Safemoon plans to compensate all affected customers remains unclear. CNBC explains that while the exchange could buy back all of the lost tokens, it may do so at a time when these tokens are at a much higher value.

Several users have raised the question of whether BitMart Safemoon will use any form of insurance to repay users.

  • In a report from CNBC, cryptocurrency exchange BitMart Safemoon promised a full reimbursement to victims of the $200 million hack, but some users still have not received it.
  • On December 4th, hackers gained access to a BitMart hot wallet using a stolen privacy key.
  • CNBC reports that BitMart Safemoon announced shortly after the incident that it would use its own funds “to cover the incident and compensate customers.”
  • However, a number of frustrated customers have not yet received their funds back.
  • CNBC explains that while the exchange could buy back all of the lost tokens, it may do so at a time when these tokens are at a much higher value.

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