Mercado Bitcoin Announces Phased Reopening Plan After $46M Hack

Brazilian cryptocurrency exchange Mercado Bitcoin will begin a phased restoration of customer account access on Monday, November 7, following a security breach that analysts estimate led to over $46 million in stolen assets.

The exchange stated that customers will initially regain access via its website to view balances, statements, holdings, and investments. Full functionality, including transfers, withdrawals, and trading, will be restored in subsequent phases only after independent security testing is completed.

Mercado Bitcoin has pledged to use company funds to cover customer losses from the breach. It reported that more than $15 million of the stolen funds have already been frozen with industry assistance, and its trading desk is preparing to repurchase assets in domestic and international markets.

The exchange also addressed liquidity concerns, noting a strong cash position bolstered by a recent $20 million investment from stablecoin issuer Tether. The hack, disclosed earlier in the week, involved attackers transferring funds from the company’s hot wallets and customer deposit addresses.