Mercado Bitcoin announces Monday restart with phased access, pledges full reimbursement
Following a $46 million security breach, Mercado Bitcoin will begin gradually restoring user access and has committed to covering all affected customer assets using corporate reserves.
The Brazilian cryptocurrency exchange Mercado Bitcoin announced it will commence the restoration of customer account functionality on Monday following a security incident that, according to blockchain analysis experts, led to the theft of over $46 million in digital assets.
According to a statement provided to Cointelegraph, the exchange explained that users would first regain website access to review their account balances, transaction histories, asset holdings and investment portfolios. Additional functionality including transfers, withdrawals and active trading capabilities will be reinstated during subsequent phases, pending completion of independent security audits and testing.
The exchange has further committed to utilizing its corporate capital reserves to replace all customer assets impacted by the security incident, noting that industry collaboration has already resulted in the freezing of more than $15 million of the stolen digital assets.
Our trading desk is preparing to begin the necessary repurchases in domestic and international markets
This announcement comes following the platform's Monday disclosure of the security compromise, during which unauthorized actors successfully transferred digital assets from both the company's hot wallet infrastructure and individual customer deposit addresses using conventional transfer mechanisms.
Regarding financial stability and liquidity concerns, Mercado stated it maintains a robust cash reserve position, which has been further strengthened by a $20 million capital injection from Tether, the prominent stablecoin issuer, intended to support the exchange's operational growth and expansion initiatives.