The largest digital-asset brokerage in Brazil announced it will cover the financial impact of a cyberattack that forced it to suspend all retail deposits and withdrawals. Mercado Bitcoin said it would absorb the loss using its own capital to ensure that no customer assets are lost. The exchange reported that approximately $38 million in assets were affected by the breach, and it has since blocked $11 million through partnerships with stablecoin issuers including Tether, Circle and Paxos.
Despite the brokerage’s assurances, blockchain analysts have tracked a higher total of outflows. Chainalysis estimated the theft involved $49 million across 17 different blockchains, while tracking firm Arkham reported that the hacker currently holds a portfolio of $46 million in crypto. Arkham also detected a transfer of $8 million in ETH to fresh wallets on Nov 3, a move that typically precedes attempts to obfuscate funds. Mercado Bitcoin has not yet provided a timeline for when client services will resume.