Technology

Victims of $200 Million Hack of BitMart Crypto Exchange Still Waiting to Get Their Money Back

Cryptocurrency exchange BitMart promised full compensation to the victims of the $200 million platform-wide hack, but some users still have not received their money back, according to a report by CNBC. Hackers made off with several tokens on December 4 after using a stolen privacy key to access one of BitMart’s hot wallets, otherwise known as a crypto wallet connected to the internet.

Shortly after the incident, BitMart announced it would use its own funding “to cover the incident and compensate affected users”. However, like CNBC reports, there are still several frustrated users who have not yet refunded their money.

CNBCThe report details the experience of an Iranian refugee who says he stored $53,000 worth of SafeMoon on BitMart, $40,000 of which comes from a loan. The outlet has also contacted a Kansas-based investor who has $35,000 in limbo — claiming he and 6,800 other investors could file a class action lawsuit against BitMart if nothing is done to resolve the situation.

Of all the tokens stolen in the BitMart hack, data from blockchain security firm PeckShield, shows that SafeMoon was hit the hardest. As indicated by CNBC, SafeMoon holders are fighting back on Twitter, flooding the site with the #WenBitMart hashtag to demand the return of their money. This may be the only way users think they can draw attention to the issue, such as: CNBC reports that some users are getting vague responses when they contact BitMart to check the status of their lost funds.

It remains unclear how BitMart plans to refund all affected users. CNBC notes that while the exchange can buy back any lost tokens, it can when those tokens have a much higher value. Other users wonder if BitMart will use some form of insurance to reimburse users. The edge contacted BitMart with a request for comment, but did not immediately hear back.