TREE NEWS reports: Bitquery estimates $48.6 million was stolen across 11 blockchains in the hack of Brazilian crypto exchange Mercado Bitcoin, above the exchange’s latest estimate of $36.3 million. Bitquery said 36,042 Ethereum customer deposit addresses were drained between 9:27 a.m. and 1:56 p.m. Brazil time on Nov. 2, while the exchange declared the incident contained at 9:56 a.m. Funds kept moving for nearly four hours after that. Mercado Bitcoin will cover user losses from its own funds and plans to restore balance viewing on Nov. 9, with deposits, withdrawals and trading still suspended.
Brazil’s Mercado Bitcoin hack losses hit $48.6M, outpacing exchange’s $36.3M estimate
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AI take
The gap between Mercado Bitcoin's own figure and Bitquery's on-chain count is the real story: it suggests the exchange's containment timeline and its loss assessment may both have been premature, with funds continuing to move for hours after the incident was declared contained. That matters for how users and counterparties read the exchange's incident disclosures, not just its balance sheet. The commitment to cover losses from its own funds puts the focus on reserves and on whether the Nov. 9 restoration of balance viewing arrives without further revision to the loss figure.
Generated by AI for reference only.
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