Brazil's Mercado Bitcoin to absorb $40M hack loss, says customer funds are safe

Mercado Bitcoin froze deposits and withdrawals on Monday, November 2, following a breach of one of its systems. The exchange, which is the largest in Brazil, says no customer lost money and that it will cover the losses itself. Outside analysts say that the total loss is north of $40 million. When did Mercado Bitcoin detect the breach? The company said the intrusion happened overnight and was contained quickly. In a statement written in Portuguese on X, Mercado Bitcoin told users that no funds were lost and no data was exposed. The company said that the pause on transfers was a precaution while it continues to investigate the hack.

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