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Mercado Bitcoin says phased reopening to begin Monday, will cover losses
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Brazilian crypto exchange Mercado Bitcoin will begin restoring customer account access Monday after a breach that blockchain analysts estimated led to more than $46 million in stolen assets. Customers will initially be able to view balances, statements, holdings and investments through the website. Transfers, withdrawals and trading will remain suspended pending independent security testing.
The reopening follows the exchangeâs disclosure of the breach on Monday. Attackers transferred funds from hot wallets and customer deposit addresses through standard transfers, the company said. The incident raised immediate questions about customer access and liquidity.
Mercado Bitcoin pledged to use company funds to replenish affected assets. It said more than $15 million in stolen funds had already been frozen with industry help. Its trading desk was preparing necessary repurchases in domestic and international markets.
The exchange also sought to reassure customers about liquidity. It cited a strong cash position, supported by a $20 million investment from stablecoin issuer Tether. It did not provide a precise timeline for restoring withdrawals or trading.
The phased approach lets customers verify holdings but not move funds. That restriction may help the exchange conduct security checks before fully reopening. It also highlights operational risks when hot wallets are compromised.
Blockchain analystsâ $46 million estimate exceeds the $15 million the exchange says has been frozen. Mercado Bitcoinâs promise to cover losses with corporate funds may ease some concerns. Still, the breach could affect confidence in the platform and Brazilian crypto trading.
The next phase will depend on independent security testing. Mercado Bitcoin said transfers, withdrawals and trading would resume later but did not specify dates. Customers and analysts will watch whether full service returns without further disruption.
