Willy Woo: Bitcoin Bear Market Label Hinges on One Test
Willy Woo argues that Bitcoin isn't in a bear market because fear without new lows has historically been a bull market feature.
Hackers took $391,000 from crypto exchange BitMart, whose founder said a stretched security team was struggling to fend off repeated attacks.
An attack this week siphoned $391,000 out of crypto exchange BitMart, which is trying to keep its âseverely understaffedâ security team from leaving.
Founder Sheldon Xia said the breach took place on Monday and is one of the ânumerous attacksâ the platform is dealing with.
Blockchain data firm Bitquery puts the amount stolen at $391,000.
Xia claimed BitMart is doing everything in its power to safeguard assets, even as he wrestles with a security team that restructuring has left understaffed and that he is finding hard to keep.
He claimed threats from disgruntled users and a running conflict with former BitMart staff â among them âElly,â previously the head of marketing operations â have made it harder to persuade key technical staff to stay.
Last July, BitMart announced plans to close its operations by January 2027. Weeks later, it halted that shutdown and instead put forward a ârestructuring plan.â
This Monday, A&M and W&C held a two-hour closed-door meeting with the top 50 users who still have funds on the platform. We received a great deal of positive feedback following the meeting. We expect to arrange a follow up meeting soon to discuss the restructuring proposal andâŠ
â Sheldon (@sheldonbitmart) November 3, 2026
It is now pursuing a court-sanctioned plan that aims to give users whose funds are tied up on the exchange a variety of exit options.
Brazilian exchange Mercado Bitcoin was also targeted this week. It claimed $36 million in crypto was stolen, while some reports put the loss at more than $46 million.
Xia claimed BitMartâs findings indicate that the same attacker or attackers hit both BitMart and Mercado Bitcoin.
Binance was also hit last week, losing $6.3 billion in a North Korea-linked attack that used fake job interviews and malware-laden software to obtain employee credentials.
North Korea denied responsibility, suggesting the FBIâs attribution is a US attempt to damage its image.
In addition to the crypto exchange hacks, blockchain sleuth ZachXBT revealed today that a French bank managing $235 billion in assets was attacked as well.
An incident that ZachXBT had earlier described as a possible cover-up cost Crédit Mutuel Arkea more than $133 million.
GrĂ©gory Raymond, a co-founder of The Big Whale, claimed his sources showed that the affected arm was CrĂ©dit Mutuel Arkeaâs Fortuneo bank.
The attackers, who ZachXBT believes are not linked to North Korea, reportedly sent the dollar amounts to crypto exchanges, where the funds were converted into crypto and laundered.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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