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The Crypto Community Coming Through For BitMart After The $200 Million Hack

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The crypto community has repeatedly shown how much they care about each other and ready to assist anyone in the crypto community. I got to feel the love and understand what it means to be loved by a community for the first time on Hive. This has once again proven that decentralization supersedes centralization. I can’t count how many times I have felt this feeling of happiness when I see the crypto community coming together to help people that are in need, both with financial support or security breach support.

source A day ago, it was announced that the BitMart Ethereum and Binance Hot wallet was hacked and $200 Milliom estimated worth of cryptocurrencies were lost from these wallets. This was due to a security breach that allowed these hot Wallets to get compromised. Being the CEO of a company especially when it has a lot to deal with finance, the responsibility of your investors money is totally on you, this means that their losses is your loss. I’m talking about the genuine CEO of crypto exchanges that love what they are doing not the scammers that don’t care about their customers.

The CEO of BitMart Sheldon Xia said he is going to cover the total loss from his own personal money or rather the exchange’s pocket. This means that anyone that must have lost money due to this hack will be reimbursed from the Company’s personal money. But glad to see that the exchange is getting support from the Shiba community and its fellow crypto exchange Huobi.

What a way of trying to stick together in the crypto community because we are all trying to achieve the same goal rather than compete against each other. Huobi will be tracking the funds to trying to figure out who hacked or what wallet the funds were sent to.

source BitMart is known as one of the exchanges that list a lot of Shitcoins during their infancy stage and shiba Inu was listed on BitMart before the massive hype from Binance. So the Shibarmy will also put all hands on deck to review the security threats so as to prevent this from happening again in the future.

Just like most companies will do, the BitMart exchange decided to put withdrawals on hold so as to make sure that the platform is safe for withdrawal. Withdrawal is expected to be back in December 7th, hopefully this will be a matter of the past for the exchange and not really cost them a major bad reputation.

Posted Using LeoFinance Beta