BitMart's cryptocurrency platform faced a hack last December 2021, and it promised its victims compensation and what they lost during the said security breach. However, fast forward to a month later, the same people promised a return of what they lost, claiming that the company made no communications or returns.

BitMart Hack: No Compensation, Returns to the Victims Yet

Cryptocurrency Scam
(Photo : Photo by Jack Taylor/Getty Images)
LONDON, ENGLAND - APRIL 25: In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation.

According to CNBC, victims from the recent BitMart hack have not yet received the compensation promised to them by the cryptocurrency exchange platform. It remains unknown why the company refuses to pay back those that lost money, especially as it is the company's fault for the said hack. 

Many of those that fell victim to the happening did not yet receive anything from BitMart, and people are getting restless as the incident took place over a month ago already. The breach happened right when the year was about to end, wiping off a lot of accounts from the users on the platform. 

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BitMart's December Security Breach

In light of the said security breach, BitMart noted in an official statement that it would use its own money to return the stolen money to its users and look for the culprits behind the attack. However, until now, BitMart has failed to return the money stolen from them, despite the fault being theirs as it is their system that fell vulnerable to the traps.

In the statement, BitMart said that it would use its money to pay back the lost ones from the hack. 

Cryptocurrency and its Dangers

Cryptocurrency is the next-generation form of money in the world, but what it currently faces are the hardships that threaten its existence, putting the public at a crossroads for its use. In recent times, there were a lot of scams that befall the crypto landscape, and it came up to a point where CEOs and massive names in the industry were used for this treachery.

Users need to be mindful of this, as the scams may not necessarily steal the cryptocurrency, which is trackable and creates unique signatures whenever transferred. It may focus on the person's account and their credentials and other linked ones that may compromise their cryptocurrency platforms, credit cards, and more. 

The cryptocurrency industry remains a dangerous one where people do not control a lot of factors yet, and hacks or security breaches like the one seen in BitMart are a massive danger that everyone faces. For now, people need to wait for the company to return what was lost and then regain trust and confidence back in these said platforms. 

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Written by Isaiah Richard

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