Mercado Bitcoin begins post-hack reopening without a timeline for withdrawals

Crypto exchange Mercado Bitcoin began restoring read-only access to customer accounts in phases on Monday, a week after attackers drained an estimated $49 million from the platform. The exchange has yet to say when customers will be able to withdraw funds.

A Mercado Bitcoin spokesperson told Cointelegraph that access would begin at 19:00 UTC, with all accounts expected to be viewable by 21:00 UTC. Customers will be able to see their holdings as they stood on Nov. 2, the day of the hack.

In a video posted to the exchange’s X account, Fabricio Tota, vice president of new business, said Mercado Bitcoin hoped read-only access would reassure customers that their assets were still recorded on the platform.

Mercado Bitcoin, one of Brazil’s largest crypto exchanges, told Brazilian magazine Veja in late October that it had more than 4.8 million customers and had processed over 215 billion Brazilian reais ($39 billion) in cumulative transactions. The exchange says it is using its own funds to replace the stolen assets, but has yet to give a date for withdrawals to resume.

“A more conservative approach”

Tota explained that the company opted for “a more conservative approach” to reactivating accounts “to ensure our return happens with the utmost security.” The caution follows concerns from blockchain security analysts that the attackers were able to access addresses, draining funds through standard transfers rather than a smart contract exploit.