Mercado Bitcoin Hack Losses Put at $48.6 Million
Blockchain analytics firm Bitquery estimates the Mercado Bitcoin hack caused $48.6 million in losses across 10 blockchains, above earlier figures of about $40 million and the exchange’s reported $36.3 million. Bitquery traced withdrawals from 36,042 Ethereum deposit addresses between 12:27 and 16:56 UTC on Nov. 2, indicating that funds continued moving for around four hours after the exchange said the attack was contained. Mercado Bitcoin has not responded to the revised estimate.
The exchange says it will cover customer losses. More than $15 million has been frozen with help from Tether, Circle and Chainalysis. Deposits and withdrawals remain suspended, and Mercado Bitcoin plans to reopen its website in read-only mode on Nov. 9; it has not set a date for restoring transfers.
Bitquery also linked the attacker’s addresses to about $391,000 in funds taken from wallets associated with BitMart. BitMart confirmed a hack on Nov. 2 and said an initial investigation pointed to the same group, but the connection and causes of the breaches remain unconfirmed. The incident raises security and counterparty concerns for exchange users, though it has no confirmed direct impact on cryptocurrency prices.
Neutral
The hack is a serious negative development for Mercado Bitcoin users and may prompt short-term caution toward exchange-held assets. However, the reports do not identify a confirmed direct effect on ETH or another cryptocurrency’s market price, and Mercado Bitcoin has pledged to cover customer losses. Freezing more than $15 million may also limit some losses. Traders may watch for further disclosures, fund movements and any confirmed links to BitMart, but the available information supports a neutral view on the price of the cryptocurrencies mentioned rather than a clear bullish or bearish signal. Longer term, the incident could increase scrutiny of exchange security and custody practices, without necessarily changing the underlying value of those assets.