Brazilian cryptocurrency exchange Mercado Bitcoin announced it will begin restoring customer account access on Monday following a security breach. The company pledged to use its own funds to replenish assets affected by the incident, which blockchain analysts estimate resulted in more than $46 million in stolen assets.
Phased restoration of services
Customers will initially regain access through the exchange’s website to view balances, statements, holdings and investments. Transfers, withdrawals and trading activities are scheduled to resume in later phases, subject to independent security testing.
The update follows the disclosure of a security breach earlier this week, where attackers transferred funds from the company’s hot wallets and customer deposit addresses through standard transfers.
Asset recovery and financial position
Mercado Bitcoin stated that more than $15 million in stolen funds had already been frozen with assistance from the broader industry. The exchange’s trading desk is preparing to begin necessary repurchases in domestic and international markets to cover the shortfall.
To support its liquidity during the recovery process, Mercado said it maintains a strong cash position, bolstered by a $20 million investment from stablecoin issuer Tether.
