Mercado Bitcoin, Brazil’s largest cryptocurrency exchange, has announced that customers will not bear the cost of a security breach that resulted in the loss of millions of dollars in digital assets. The platform confirmed that client balances and data remain secure following the hack that occurred on November 2.
Details of the Security Incident
Mercado Bitcoin detected suspicious activity early in the morning and immediately froze all deposits and withdrawals to contain the incident. Exchange officials stated that no customer assets or data were compromised during the breach.
Security experts have reported differing estimates regarding the scale of the loss. While Mercado Bitcoin has reported the value of the involved assets at approximately $38 million, other sources have offered higher figures. Blockchain security firm Hypernative noted suspicious transfers totaling over $40 million across at least 10 different blockchains, including Bitcoin, Ethereum, Solana, and Tron.
Blockchain intelligence companies have presented further assessments. Arkham traced losses of at least $46 million, and Chainalysis cited a figure close to $49 million, also reporting that authorities and partners managed to freeze about $10 million connected to the incident.
The discrepancy in figures arises from different analysis methods and the speed of intervention from partners such as Tether, Circle, and Paxos. Mercado Bitcoin has not clarified whether its own estimate includes frozen assets.
Mercado Bitcoin stated, “Right now the value of the assets involved is about $38 million. After a quick action with the crypto community and strategic partners, including Tether, Circle, Paxos, BRL1 and Chainalysis, we have already blocked $11 million.”
Industry Reactions and Ongoing Suspensions
Tether CEO Paolo Ardoino confirmed that the company froze more than $4.5 million in USDT connected to the hack on Mercado Bitcoin. However, freezing assets simply prevents them from being moved and does not guarantee their retrieval by the original owner.
Shortly before the incident at Mercado Bitcoin, another major security breach affected Binance, with hackers stealing upwards of $6 billion. According to the FBI, that attack was linked to North Korea’s TraderTraitor group. Mercado Bitcoin has not indicated any connection between its breach and the Binance attack.
Like Mercado Bitcoin, Binance also assured customers that they would not be financially impacted by the theft. Binance CEO Richard Teng stated that the company would absorb all losses and noted that about 95% of the stolen assets had already been restored.
A public statement from Mercado Bitcoin emphasized that customer assets are protected and balances remain credited to client accounts, reiterating the exchange’s commitment to restoring full operations once security measures are strengthened.
Suspensions and Customer Protection
Despite the reassurances, both deposits and withdrawals on Mercado Bitcoin remain suspended, with no timetable provided for resuming services. The exchange committed to providing further updates on its official X account as its security response continues.
While exchanges have publicly promised to cover losses and protect clients, the actual ability to fulfill such commitments remains difficult to independently verify, as exchanges are not required to disclose detailed financial information to users.
The recent surge in high-profile attacks highlights the need for real-time monitoring tools. For users needing to track such developments and monitor exchange status updates, CryptoAppsy’s live news feed feature allows for immediate alerts about major incidents and platform suspensions. This tool helps investors stay informed as soon as changes occur that could impact asset access or account activity.
