Mercado Bitcoin Plans Phased Reopening After $46 Million Hack and Promises to Repay Users

Brazilian exchange Mercado Bitcoin has said it will start letting customers back into their accounts on Monday, following a breach that blockchain analysts believe cost more than $46 million in stolen assets. The first step is limited, and the company says it will cover the losses itself.

What Customers Can Do First

At the start, users will only be able to log in through the website and check balances, statements, holdings and investments. Transfers, withdrawals and trading stay switched off until later stages, and each one depends on independent security testing being completed.

How the Hack Happened

The company confirmed the breach on Monday. Attackers moved funds out of its hot wallets and customer deposit addresses using ordinary transfers.

Recovery Plan and Financial Backing

Mercado Bitcoin says more than $15 million of the stolen money has been frozen with help from other players in the industry. It plans to refill affected assets from its own funds, and its trading desk is preparing to buy back tokens in both domestic and international markets. The exchange also points to a strong cash position, supported by a $20 million investment from Tether made to help it expand operations.