Shiba Community and Huobi Global to help BitMart after hack

The BitMart exchange became a cyberattack victim worth nearly 200 million U.S. dollars on Sunday. Fortunately, the Shiba community and cryptocurrency exchange Huobi Global announced that they would assist the exchange in strengthening security and tracking the inflow of stolen assets.

On Sunday, hackers stole cryptocurrencies from BitMart’s hot wallets hosted on the Ethereum and Binance Smart Chain (BSC) blockchains. As a result, hackers stole more than 196 million U.S. dollars, about 100 million U.S. dollars through Ethernet, and about 96 million U.S. dollars through BSC blockchain.

However, BitMart is not left alone. Shortly after the company CEO confirmed the hack, Huobi announced that it would help BitMart track the inflow of assets on its exchange and report the match with the stolen funds.

Jeff Mei, Global Strategy Director of Huobi, said that transparency and rapid response are essential for such attacks.

Mei also emphasized that users should not concentrate all their assets on one platform or wallet. He recommends that users carefully study the platform’s security measures before investing and notify relevant exchange personnel when any potential security incidents are discovered.

Immediately afterward, the Shiba Inu community also confirmed that it would help the hacked cryptocurrency exchange, citing its efforts to review the potential security threats of ShibaSwap.

Xia also stated that the exchange would use its funds to compensate affected investors. 

The hacker forced the exchange to suspend all withdrawals and deposits temporarily. However, Xia is confident and hopeful that the BitMart exchange will continue operation soon.

The cross-chain protocol Synapse Bridge recently avoided millions of dollars in exploits on the Avalanche Neutral Dollar (nUSD) Metapool.

Bitget exchange loses license in Singapore for promoting K-pop coin ARMY 

The Monetary Authority of Singapore suspended Singapore-based digital asset platform Bitget. The decision came after a dispute with an organization representing the popular K-pop boy band BTS.

Bitget lost its Singapore license after the controversial listing of a new K-pop-related cryptocurrency called Army Coin (ARMY). However, the cryptocurrency exchange still claims to have permissions in other jurisdictions such as Australia, Canada, and the United States.

The problem occurred on October 25, when Bitget shared a tweet promoting ARMY Coin. The coin has the name of the followers of the Korean boy band called BTS ARMY.

According to reports, the exchange used the “ARMY” stock code and the name and image of BTS to display the new cryptocurrency on its website without permission. Therefore they infringed on the portrait rights of the boy band.

The exchange delisted the ARMY token on Friday. However, the token can be traded in Bitget’s other jurisdictions, including South Korea.

Bitget was founded in Singapore in 2018. The exchange counts more than 1.5 million active users around the world. After the recent B round of financing, its total market cap reached US$1 billion.

Bitget reached a sponsorship agreement with Italian football giant Juventus in September. Later, in October, the exchange became the official partner of PGL Major Stockholm 2021. After these events, Bitget became the industry’s focus.

In June, Bitget established a partnership with the stablecoin issuer Circle. That made Bitget one of the first exchanges to list the U.S. dollar (USDC) as collateral for trading crypto derivatives.

Has Bitcoin really recovered? Recent crypto market overview

After a severe crash last weekend, the crypto market entered the extreme fear stage. However, after that, the price of Bitcoin rebounded and reached above $50,000 on Tuesday morning.

After BTC fell to US$45,000 on Friday, the Fear and Greed Index, which measures market sentiment, reached its lowest level since July. Some cryptocurrency analysts and investors used this as a critical signal to buy.

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA) have all gained 5-15% in the past 24 hours.

Comprehensive income added more than US$300 billion to the entire crypto market, bringing it back to more than US$2.4 trillion.

Bitcoin is still a long way from last month’s historic high of $69,000. Experts are divided on whether the market has turned bearish or whether it will rebound to a new record high before the end of the year.

The entire crypto market has grown by approximately 3.5% in the past 24 hours and is currently at about US$2.36 trillion.

Meme coin Dogecoin and its derivative Shiba Inu also fell by more than 15% last week. However, it seems to be recovering, with an increase of about 4% in the past 24 hours.