Mercado Bitcoin to Reopen After $46M Hack, Covering Customer Losses

Brazilian cryptocurrency exchange Mercado Bitcoin said it will begin restoring customer account access on Monday following a security breach that blockchain analysts estimated resulted in more than $46 million in stolen assets.

Customers will initially be able to access the exchange’s website to view their balances, statements, holdings and investments. Transfers, withdrawals and trading will remain suspended during the initial phase and resume only after independent security testing, according to the company.

Mercado Bitcoin also pledged to use company funds to replenish assets affected by the breach. More than $15 million in stolen funds have already been frozen with assistance from the crypto industry. The exchange added that its trading desk is preparing to repurchase assets in domestic and international markets as part of its response.

The announcement follows Mercado Bitcoin’s disclosure of the hack, in which attackers moved funds from the exchange’s hot wallets and customer deposit addresses through standard transfers. Mercado said it maintains a strong cash position, supported by a $20 million investment from stablecoin issuer Tether that will help fund operational expansion.