Five weeks after the $200 million BitMart hack, many victims haven't been reimbursed

midian182

Posts: 7,882   +81
Staff member
In a nutshell: Most people are aware of the inherent risks that come with cryptocurrency. The dangers were illustrated yet again when exchange BitMart suffered a hack last month that saw $200 million worth of digital assets stolen. The company said it would reimburse all those impacted, but victims are still waiting for their money back five weeks later.

On December 4, 2021, BitMart announced that it had identified a large-scale security breach resulting from someone using a stolen private key to access two of its internet-connected hot wallets. The company assured impacted users that it would use its own money to compensate them.

But a new CNBC report reveals that some of those who lost a substantial amount of money five weeks ago have yet to see anything returned. Many of the victims lost SafeMoon tokens—more than 45 were stolen—including a Toronto-based Iranian refugee who had $53,000 worth of the coin stored in his BitMart wallet, $40,000 of which came from a loan that he has to pay back with 4% interest. He says the experience has left him close to suicide.

Another user lost $30,000 that came from himself, his mother, and his mother-in-law. And a Kansas-based investor who lost $35,000 says that he and 6,800 other investors are considering filing a class-action lawsuit against BitMart if the situation isn’t remedied in the next week.

Even if BitMart does pay everyone back by repurchasing the lost tokens, it could do so at their current prices, which in some cases are a lot higher. Many are also asking why the company hasn’t gone through insurance to reimburse the funds.

BitMart has reportedly been evasive when answering questions about returning the stolen funds, leading to a #WenBitMart Twitter campaign to draw attention to the situation.

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QuantumPhysics

Posts: 6,308   +7,247
"Many of the victims lost SafeMoon tokens—more than 45 were stolen—including a Toronto-based Iranian refugee who had $53,000 worth of the coin stored in his BitMart wallet, $40,000 of which came from a loan that he has to pay back with 4% interest. He says the experience has left him close to suicide."


It's funny how well televised the stories of "bitcoin purchased lamborghinis" and "Stuff" are, on the lamestream media...but what they rarely talk about are the people who get robbed, financially broken and scammed.

It's a shame - a crime - that the government hasn't put the clamps down on crypto yet.

China and a few other countries are the true leaders.
 

wiyosaya

Posts: 7,693   +6,626
If it is not already, I bet crapto addiction gets added to the DSM-5 and other disorders lists.

The guy who has said he is contemplating suicide obviously could not afford investing in crapto in the first place, so his predicament is, as I see it, basically on him and no one else. Surely, the robbery is criminal, but, IMO, you have to have a lot of discretionary money to risk on such a speculative investment given that thefts like these have already been known to occur.

Rule number one for investing in speculative investments - if you have to borrow to do it, then it is not appropriate for you.
 

Kosmoz

Posts: 600   +1,110
The first rule of crypto and the most important one: don't invest more than you are prepared to lose!

Who ever enters into a new financial territory without even consulting a few tips, guidelines and the sorts is very, very naive and should most likely not "play" the game.
 

emmzo

Posts: 609   +765
They'll do it again, gambling is a powerful addiction. So is stupidity and greed, reading all the crypto paid news how you can be a millionaire and how you can get rich is so easy.
 

BuckarooBonzai

Posts: 97   +65
All investments are risky and cryptocurrency is no exception. Greed means higher risks and no guarantees. Seems BitMart have or will mysteriously vanish from the face of the Earth.

I like how everytime when something like this happens they call it a hack. Plain truth, the company stole your money...Hasta La Vista Baby!!
 
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