BitMart reports $391,000 hack as founder cites understaffed security team

BitMart says $391,000 was stolen on Monday

Crypto exchange BitMart was hacked for $391,000 this week. An exchange is a platform where users buy, sell, and hold crypto.

Founder Sheldon Xia said the hack happened on Monday. Blockchain data firm Bitquery reported the same amount, $391,000, as stolen.

Xia described it as one of numerous attacks the company is dealing with.

Main points from the reports

• BitMart reported a $391,000 hack on Monday, according to Xia and Bitquery.
• Xia said the security team is severely understaffed after restructuring.
• BitMart is pursuing a court-sanctioned restructuring plan with exit options for users.
• Mercado Bitcoin said $36 million was stolen, while other reports put it over $46 million.
• ZachXBT said French bank Crédit Mutuel Arkea lost over $133 million.

What Xia says about staffing and threats

Xia claimed BitMart is doing everything it can to safeguard assets. He said the company is struggling to retain its security team after restructuring left it understaffed.

He also claimed threats from disgruntled users and an ongoing conflict with former staff have made it harder to keep key technical staff. He named the former head of marketing operations, Elly, in that conflict.

These staffing and threat claims are from Xia. The source does not provide independent confirmation of them.

Shutdown plan changed to restructuring

BitMart announced last July that it would shutter its operations by January 2027. Weeks later, the company stopped the shutdown.

Instead, it moved to a restructuring plan. Xia posted on November 3, 2026, that auditors and legal counsel held a two-hour closed-door meeting with the top 50 users who still have funds on the platform.

The source says the largest holders discussed the plan with auditors and legal counsel recruited by the company. The company is now pursuing a court-sanctioned plan that would present exit options for users with funds locked on the exchange.

Other exchange hacks reported this week

Brazilian crypto exchange Mercado Bitcoin was also hacked this week. The company claimed $36 million worth of crypto was stolen. Some reports noted the amount was over $46 million.

Xia claimed BitMart findings suggest Mercado Bitcoin was hacked by the same attacker or attackers as BitMart. That claim is not confirmed in the source.

The source also reports Binance was hacked for $6.3 billion last week. It describes that attack as North Korea-linked and says it used fake job interviews and malware-laden software to steal Binance staff credentials.

North Korea denied responsibility. It suggested the FBI attribution is an attempt by the US to tarnish its image.

French bank attack named by ZachXBT

Crypto researcher ZachXBT revealed that a French bank managing $235 billion in assets was also attacked. He said Crédit Mutuel Arkea lost over $133 million.

ZachXBT previously described the incident as a potential cover-up. The source does not provide an official statement from the bank.

Grégory Raymond, co-founder of The Big Whale, claimed his sources revealed that Crédit Mutuel Arkea's Fortuneo bank was specifically affected.

ZachXBT believes the bad actors are not linked to North Korea. The source reports they sent the funds to crypto exchanges, where the funds were converted into crypto and laundered. Laundering means moving money to hide where it came from.

What remains unclear

Sources disagree on the Mercado Bitcoin loss amount. The company said $36 million. Other reports said over $46 million.

The claim that BitMart and Mercado Bitcoin were hit by the same attackers comes from Xia. It is not confirmed by another source in the material.

The North Korea attribution for the Binance attack is disputed. North Korea denied responsibility.

The French bank details are based on ZachXBT and Raymond's claims. The source does not include confirmation from Crédit Mutuel Arkea or Fortuneo.

Sources

• Protos