The estimated value of digital assets stolen from Brazil’s largest cryptocurrency brokerage has shifted upward after a security incident that the firm initially declared under control. Total losses from the breach now stand at $48.6M across 11 different blockchains, with funds continuing to flow out for four hours after the exchange announced the breach had been contained. The stolen portfolio included Bitcoin and Ether, as well as various altcoins, some of which were liquidated by the attacker via MetaMask.
Mercado Bitcoin has suspended all deposits and withdrawals to investigate the theft and coordinate with authorities. The company pledged that it will cover any affected assets using its own capital to ensure customers suffer no losses. While the broker has frozen more than $15M of the stolen funds with help from stablecoin issuers such as Tether and Circle, it will maintain a freeze on trading until it begins a phased reopening on Nov 9, which will initially grant users view-only access to their balances.