Crypto exchange BitMart was hacked for $391,000 this week as it struggles to retain its “severely understaffed” security team.

Founder Sheldon Xia revealed that the hack took place on Monday and is one of “numerous attacks” it’s dealing with. 

Xia claims BitMart is doing everything it can to safeguard assets while managing a security team that he’s struggling to retain and has been left understaffed by restructuring.

He claims threats from disgruntled users, as well as an ongoing conflict with former BitMart staff, including the company’s former head of marketing operations, “Elly,” have made it harder to persuade key technical staff to stay. 

BitMart announced last July that it was going to shutter its operations by January 2027. Weeks later, the company stopped the shutdown in favor of a “restructuring plan.”

This Monday, A&M and W&C held a two-hour closed-door meeting with the top 50 users who still have funds on the platform. We received a great deal of positive feedback following the meeting. We expect to arrange a follow up meeting soon to discuss the restructuring proposal and…

It’s now pursuing a court-sanctioned plan that will present a variety of exit options for users with funds locked up in the exchange.

Brazilian crypto exchange Mercado Bitcoin was also hacked this week. It claimed $36 million worth of crypto was stolen, while some reports noted it was over $46 million. 

Xia claimed that BitMart’s findings suggest that Mercado Bitcoin was hacked by the same attacker(s) as BitMart.

3 billion last week in a North Korea-linked attack that used fake job interviews and malware-laden software to steal Binance staff credentials.

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