Five weeks after the $ 200 million BitMart hack, many victims have not received a refund

In a nutshell: Most people are aware of the inherent risks associated with cryptocurrency. The dangers were further demonstrated when BitMart was hacked last month, which resulted in the theft of $ 200 million worth of digital assets. The company said it will reimburse all victims, but the victims are still waiting for their money in five weeks.

December 4, 2021 BitMart announced that he discovered a large-scale security breach resulting from someone using a stolen private key to access two of his hot wallets connected to the Internet. The company has assured affected users that it will use its own money to compensate them for the damage.

But new CNBC report shows that some of those who lost a significant amount of money five weeks ago have not yet returned anything. Many of the victims lost SafeMoon tokens – over 45 were stolen – including an Iranian refugee from Toronto who had a $ 53,000 coin in his BitMart wallet, of which $ 40,000 came from a loan that he has to repay with 4% interest. He says the experience put him on the brink of suicide.

Another user lost $ 30,000 from himself, his mother and mother-in-law. And the Kansas investor who lost $ 35,000 says he and 6,800 other investors are considering filing a class action lawsuit against BitMart if the situation is not corrected next week.

Even if BitMart returns the money to everyone by buying back the lost tokens, it can do so at their current prices, which in some cases are much higher. Many also ask why the company did not take out insurance to reimburse the funds.

BitMart is reported to be dodging questions about recovering stolen funds, leading to a #WenBitMart Twitter campaign to draw attention to the situation.

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