BitMart Founder: Security Team Severely Understaffed

TechFlow News, Nov. 05 — According to Cointelegraph, BitMart founder Sheldon Xia said on Wednesday that the company's security team is severely understaffed after confirming a new hacking incident. Xia said in a post on X that threats to employees and suspected retaliation by former employees have made it harder to retain technical staff. He described the amount involved in Monday's attack as relatively small but did not disclose specific figures.

Blockchain analytics firm Bitquery found on Wednesday that approximately $391,000 in suspicious transfers came from wallets primarily associated with BitMart across three blockchains, and the funds were traced to a wallet also linked to the more than $46 million hack of Mercado Bitcoin on Nov. 2. BitMart had previously announced in July that it would end trading on Aug. 26 and cease operations in Jan. 2027.

Source: TechFlow