BitMart Hack Link to $38M Mercado Bitcoin Attack Under Investigation The BitMart hack has added new trouble to an exchange that is already shutting down. Founder Sheldon Xia confirmed on X th
The BitMart hack has added new trouble to an exchange that is already shutting down. Founder Sheldon Xia confirmed on X that the BitMart Exchange was breached the day before his November 3 post.
On-chain reports put the drained amount near $391,000, but that figure is not an official loss number. The bigger concern is whether a shrinking team can protect the systems, data, and assets that remain.
Particulars
Latest Information
Exchange
BitMart
Founder
Sheldon Xia
Incident
Crypto Hack, Security breach
Reported amount
About $391,000 (on-chain reports)
Suspected attackers
Possibly the Mercado Bitcoin attackers
Current status
Restructuring and liquidation
Response
Investigation and stronger defenses
Xia said BitMart was hacked the day before he posted on November 3. He described the amount as small. Crypto commentators later cited on-chain data showing about $391,000 moved out of BitMart-linked wallets.
These two claims are different. Xia confirmed the breach and called it minor. The dollar estimate comes from outside observers who tracked wallet activity. BitMart has not published the affected wallets, the assets involved, or transaction details. Until it does, readers should treat the $391,000 number as a reported estimate.
Source: Sheldon X Post
In his post, Xia said the team acted quickly to investigate and strengthen security. He also said restructuring has left with only a core team as BitMart shutdown soon
Xia said doxxing and threats from users have made many technical staff unwilling to stay. He also blamed retaliation by some disgruntled former employees, and named a former head of marketing operations. These are his allegations, and BitMart has not offered evidence in the post. He said it took individual conversations to persuade key engineers to remain. Even so, he said the security team is severely understaffed and still facing many attacks.
Xia said early findings suggest the same group may be behind both incidents. Mercado Bitcoin is a major Brazilian exchange. Social media reports put its loss at about $38 million.
Some users also noted that funds from both incidents appeared to flow to the same wallets. That claim comes from social posts and has not been independently verified. A shared attacker group is a preliminary theory, not a confirmed fact. Investigators will need wallet tracing and technical evidence to prove it.
Source: Mercado Bitcoin X Post
BitMart had already announced its shutdown. The BitMart Exchange Begun restructuring and liquidation. Exchanges still need working security during that process. Teams must monitor wallets, control access, and protect user data every day.
A small staff can struggle with those tasks, especially under constant attack. That is why this breach matters beyond the dollar figure. It does not mean all remaining user funds are compromised. No source reviewed for this article says that. It does show that operational risk stays high while the exchange winds down.
On Monday, November 2, advisers A&M and W&C held a two-hour closed-door meeting with the top 50 users who still have funds on the platform. Xia said the meeting drew positive feedback. He expects a follow-up meeting to discuss the restructuring proposal and move toward finishing the process quickly.
Not everyone agrees. One user on X said they hold about 391,000 USDT on BitMart, claimed they were not invited, and described the meeting as poorly handled. Xia has not replied to that claim in the posts reviewed. Positive feedback does not mean withdrawals or repayments have started. Users still need clear dates, repayment terms, and withdrawal rules.
Source: Users X Posts
Date
Development
Before Nov 2026
BitMart announces shutdown and begins restructuring and liquidation
Nov 2, 2026
A&M and W&C meet the top 50 users still holding funds
Nov 2 to 3, 2026
BitMart is breached, according to Xia
Nov 3, 2026
Xia posts on X and links the attack to the Mercado Bitcoin group
Nov 4, 2026
Wu Blockchain reports the statement
The BitMart hack looks small in dollar terms, but it exposes real stress inside a closing exchange. A reduced security team, public anger, and a possible link to the Mercado Bitcoin attackers all raise the stakes. BitMart now needs to share clear updates, show proof of its security fixes, and give waiting users a firm repayment path.
YMYL Disclaimer: The loss figure and the suspected attacker link are unverified and may change. Check official BitMart announcements before making any financial decision. Cryptocurrency is volatile and carries high risk. This article is for information only and is not financial advice. Always do your own research before you invest or move funds
