Crypto exchange BitMart has confirmed a fresh BitMart hack, saying attackers drained funds from its wallets on November 2, 2026, the same day Brazil’s largest crypto exchange, Mercado Bitcoin, lost an estimated $46 million to $49 million in a much bigger attack. BitMart founder Sheldon Xia said the company’s early findings point to the same group behind both incidents.
Xia acknowledged the breach in a post on X on November 3, saying the amount involved was small and that the team had moved quickly to investigate and tighten security. BitMart has not published its own loss figure, said whether customer balances were affected, or explained how the attackers got into its wallets.
BitMart Hack: What We Know So Far
Blockchain analytics firm Bitquery traced about $391,000 in suspicious outflows from wallets mostly linked to BitMart, spread across three Ethereum layer-2 networks: Base, Arbitrum and Optimism. The transfers began roughly 53 minutes before the main Mercado Bitcoin outflows and ended up at addresses tied to the Brazilian exploit, suggesting BitMart may have been the first target. Other estimates of the BitMart outflows are lower, at around $298,000, because analysts included different wallets in their counts.
Investigators have stressed that wallet labels alone do not prove ownership, and a common attacker has not yet been confirmed through a full forensic investigation. The link remains a preliminary finding.
| Detail | BitMart | Mercado Bitcoin |
|---|---|---|
| Date of attack | November 2, 2026 | November 2, 2026 |
| Estimated loss | About $298,000 to $391,000 | About $46 million to $49 million |
| Networks hit | Base, Arbitrum, Optimism | Multiple blockchains |
| Funds frozen | Not disclosed | About $10 million to $11 million |
| Customer losses | Not disclosed | Exchange says it will cover them |
Mercado Bitcoin Attack Details
Mercado Bitcoin temporarily suspended deposits and withdrawals after detecting unauthorised transactions. The exchange itself estimated that around $38 million in assets were involved and said about $11 million had been blocked with help from industry partners. Analytics firm Chainalysis put the stolen amount at roughly $49 million and said it helped freeze nearly $10 million. Mercado Bitcoin has said customers will not bear the losses and that customer data was not compromised.
BitMart Was Already in Trouble
The new breach hits an exchange that is already winding down. BitMart announced plans to close its exchange operations on July 26, 2026, and halted all trading by August 26. It hired Alvarez & Marsal as financial adviser and opened a portal for affected users.
In its restructuring proposal, BitMart said a security breach in December 2021 had depleted about $319.5 million of its digital asset reserves, including $164.1 million in Ethereum, $96.5 million in BNB and $51.5 million in Bitcoin. The company expects to revise the proposal in November and seek court approval in December 2026 or January 2027, with customers able to choose between an upfront payout and a potentially larger recovery over time.
Xia said the security team is now severely understaffed because only a core team was kept after the restructuring, blaming threats from users and actions by former staff for driving technical employees away.
A Bad Run for Crypto Exchanges
The BitMart hack adds to a string of exchange breaches in recent weeks, including the October 29 Binance attack involving about $6.3 billion in affected assets and a roughly $387.5 million theft from Bitget in September. Investigators have not linked the Binance incident to the BitMart and Mercado Bitcoin attacks. The market mood is weak: Bitcoin briefly fell to around $75,700 on Wednesday before recovering toward $77,000, with sentiment indicators stuck in fear territory.
| Exchange | Date | Estimated amount |
|---|---|---|
| Bitget | September 24, 2026 | About $387.5 million |
| Binance | October 29, 2026 | About $6.3 billion |
| Mercado Bitcoin | November 2, 2026 | About $46 million to $49 million |
| BitMart | November 2, 2026 | About $298,000 to $391,000 |
How the BitMart Hack Affects Pakistani Crypto Users
Many Pakistani traders use offshore exchanges, so a run of hacks is a reminder to review where funds are kept. Simple steps can reduce the risk:
- Do not keep large balances on exchanges: move long-term holdings to a personal wallet you control.
- Turn on strong security: use app-based two-factor authentication and withdrawal address whitelisting.
- Check the exchange’s health: avoid platforms that have halted trading, delayed withdrawals or are under restructuring.
- Beware of recovery scams: after every big hack, fake “fund recovery” agents and phishing links target worried users. Only follow official announcements.
BitMart’s next disclosures will show how much was actually lost and whether customers need to be compensated. Until then, the BitMart hack is another warning that exchange security remains the weakest link in crypto.
For official updates on the tracing of stolen funds, visit the Chainalysis website.
Read More: Binance Hack: Are Pakistani Users Safe After $6.3bn Theft?
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