WARNING: Market Shock Imminent

Join us on September 29 at 4 p.m. ET at the Market Shock 2022 event to find out what’s coming and how to profit.

Thu, September 29 at 4:00PM ET
 
 
 
 

SHIB Crypto Fans Speak Out About Bitmart Hack: What to Know

The crypto world is one of the places in which investors can find riches the fastest. On the flip side, though, the hyper-volatile industry is also at a very early stage; at this point in development, projects can be subject to hacks and exploits, which allow bad actors to drain them of assets. The Bitmart exchange is the newest victim, being bled of hundreds of millions of dollars in assets this weekend. One of the hardest hit by the hack is the Shiba Inu (CCC:SHIB-USD) community; the SHIB crypto is one of the assets most stolen by the hackers. Now, the SHIB crypto community is reacting to the hack, as well as developers’ efforts to help out the exchange.

A close-up shot of a Shiba Inu dog.
Source: Shutterstock

Saturday saw a massive hack take place in the blockchain world. Bitmart, one of the more notable crypto exchange players, saw nearly $200 million in assets drained from its platform. Two of the exchange’s hot wallets, one on the Binance (CCC:BNB-USD) Smart Chain and one on Ethereum (CCC:ETH-USD), were compromised. The hack is draining these wallets of 20 different tokens. A hot wallet is a wallet connected to the internet; it’s worth noting that hot wallets get a fair bit of criticism for being less secure than offline, cold-storage crypto methods.

SHIB Crypto Fans Show Mixed Feelings in the Wake of Bitmart Hack

Of the many assets that Bitmart is losing in the wake of this hack, the SHIB crypto might be one of the hardest hit. Approximately 893 million SHIB, a grip of tokens worth about $32 million, were taken from these wallets. Indeed, Bitmart is one of the many popular exchanges through which users trade SHIB.

Shiba Inu developers, alongside the Huobi Global exchange, are assisting Bitmart with getting itself back in order. The token ecosystem is showing Bitmart some love with a post on its Twitter account today, while also advising its users to invest with caution. The SHIB team also acknowledges its ultimate goal of decentralization; indeed, the team has rolled out the ShibaSwap decentralized exchange earlier this year in an effort to provide SHIB crypto fans with an alternative to the less secure centralized exchanges like Bitmart.

SHIB crypto holders are lashing out at this post in the replies. Some holders see this instance as a boiling point; one user is noting the token’s steady losses since its late October highs. Of course, the post has dozens of replies from more bullish users who note the token’s increasingly impressive ecosystem and long-term prospects. Other users are showing lots of support to SHIB in the midst of this turmoil that is affecting many holders. In the meantime, SHIB is keeping its head above water today; the token is up by a half of a percent, with a slight downturn in volume relative to yesterday’s.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/12/shib-crypto-fans-speak-out-about-bitmart-hack-what-to-know/.

©2022 InvestorPlace Media, LLC