Largest Crypto Exchange in Brazil Confirms Cyberattack as Millions Flow Out of Platform
Brazilian cryptocurrency platform Mercado Bitcoin suspended all deposits and withdrawals after a cybersecurity incident on Monday morning. Blockchain security companies reported that over $46 million left the platform late on Sunday night, though Mercado Bitcoin did not confirm this figure and did not respond to requests for comment.
In social media messages, Mercado Bitcoin stated that the cyberattack did not harm customers and did not lead to a data breach. They continued:
“Our teams are mobilized – investigating the case, tracking the assets, and coordinating measures with the competent authorities.”
Mercado Bitcoin shared destination addresses for the stolen funds and pledged to restore the platform in the coming days. Tether CEO Paolo Ardoino reported that the platform froze approximately $4.5 million stolen from Mercado Bitcoin, with another $2 million worth of cryptocurrency frozen by other platforms.
Blockchain security company Chainalysis noted that its investigators are tracking the coins to help the cryptocurrency industry identify, freeze, and disrupt impacted funds.
However, several blockchain security experts disputed Mercado Bitcoin’s claim that customer funds were not accessed, providing blockchain evidence that hackers successfully siphoned funds from some customer wallets.
Mercado Bitcoin describes itself as the largest digital assets investment platform in Latin America, serving around 4.5 million customers. The attack comes on the heels of a $6.3 billion theft from crypto platform Binance, with the FBI and U.S. Secret Service blaming North Korean hackers.
Multiple cryptocurrency exchanges have suffered millions in cyberattacks over the last six months, with several incidents exceeding $100 million in losses. Even Chainalysis—a company that partners with law enforcement and crypto industry officials on blockchain investigations—recently experienced a cyber incident where hackers used artificial intelligence-backed tools to gain unauthorized access to their systems and internal tools, stealing user IDs and other sensitive information.
Jonathan Greig, a Breaking News Reporter at Recorded Future News, covers cybersecurity globally. Prior to returning to New York City, he worked for news outlets in South Africa, Jordan, and Cambodia. He previously focused on cybersecurity at ZDNet and TechRepublic.