Mercado Bitcoin Will Absorb $40 Million Hot-Wallet Hack Loss

Mercado Bitcoin will absorb a $40 million loss from a Monday hot-wallet hack, the Brazilian crypto broker said, while expecting no customer losses from the incident.

The company said the attack targeted its hot wallets and that it contained the incident quickly. Mercado Bitcoin is investigating what happened and working to trace the stolen assets.

It is also coordinating its response with authorities and relevant partners. The broker’s stated plan places the financial loss with Mercado Bitcoin while its investigation and asset-tracking efforts continue.

The company expects customers to avoid losses tied to the attack even as it pursues the stolen assets. Its response includes examining the incident, tracking the funds and coordinating with authorities and partners.