Victims of the $200 million BitMart hack remain furious as the community reacts

Vinod Dsouza
BitMart fails to return hacked money to investors
Source: Pixabay

Scamsters broke into BitMart’s systems and stole $200 million worth of cryptocurrencies on December 5, 2021. The hackers disappeared without a trace and sold all the holdings leaving many investors’ portfolios drop close to zero. The hack caused severe financial damage to investors and the only hope came when BitMart promised to cover their losses by paying from their own funds.

The exchange platform has not been true to its promise and is yet to return the amount that was hacked. It’s been more than a month now since BitMart promised to return the investors ‘hacked’ amount.

However, investors are furious over the waiting period and are demanding BitMart to return their money. The patience level of the holders is slowly wearing off and users are tagging BitMart on Twitter asking for their money back.

“#Bitmart strategy is to NOT REFUND #Safemoon holders and after 6 months, everyone is going to forget and that’s it. Well, not everyone. After 6 months or 1 year or more, I will be there to remember,” tweeted a user.

Another user stated that the world is watching BitMart and their credibility is taking a hit due to fake promises. “ATTENTION: @BitMartExchange The world is watching and your credibility is taking a hit. Do the right thing and make the #SafemoonArmy whole by Buying Back the #Safemoon that you failed to protect and that you swore to fix.”

Moreover, when users reach out to BitMart’s official communication channels regarding returning the amount, a bot replies “working on it”.

‘Hey BitMart, When Returning My Safemoon Tokens? Ask Users

BitMart needs to get its act straight and return the stolen amount to its users. The investors had no fault of their own and kept their assets in the exchange believing that the platform will protect their holdings, but it didn’t. It further dented its credibility by promising to return the money but has not stayed true to it.

Apart from not returning the stolen amount (as promised), BitMart has shown no transparency in its dealings. The communication has mostly been bleak from BitMart’s end leading to allegations that the hack might be an inside job. However, the claims have not been confirmed and mostly remain to be hearsay.

“BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps,” tweeted its CEO, Sheldon Xia.

The hackers made away with BabyDoge, SafeMoon, Saitama, Kishu, Dogelon Mars, Shiba Inu, CRO, Floki, SAND among others.

At the time of publishing, Safemoon was trading at $0.00253499 and is up +5.8% in the day’s trade.