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Mercado Bitcoin Said Its Hack Was Contained, But Blockchain Data Tells a Different Story
Blockchain researchers say an attacker continued draining Mercado Bitcoin-linked deposit addresses for nearly four hours after the Brazilian exchange said it had contained a security breach. The findings raise questions about how quickly the exchange stopped the attack and whether other customer addresses may remain exposed.
Bitquery traced about $48.6 million in stolen assets across 11 blockchains, while Mercado Bitcoin’s updated estimate is about $36.3 million. The researchers identified 36,042 Ethereum deposit addresses emptied between 9:27 a.m. and 1:56 p.m. Brazil time; these held roughly $266,000, and transfers from them continued after the exchange’s 9:56 a.m. containment announcement. Mercado Bitcoin says it will cover customer losses, and advises have been issued against reusing old deposit addresses until they are confirmed safe. From November 9, customers are due to be able to view balances, but no date has been set for deposits, withdrawals or trading to resume.
In short
- Blockchain analysis suggests transfers continued after Mercado Bitcoin said the breach was contained.
- Bitquery estimates $48.6 million was stolen across 11 blockchains.
- Customers are advised not to reuse old deposit addresses until they are confirmed safe.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
The researchers’ timeline and blockchain tracing provide grounds to question whether the breach was fully contained when Mercado Bitcoin said it was, and whether more customer addresses could still be at risk. The gap between the researchers’ estimate and the exchange’s updated figure also supports calls for a clear accounting and continued caution about reusing old addresses.
The case against
The exchange may reasonably distinguish between stopping the underlying breach and the later movement of funds from addresses already compromised, so continued transfers do not by themselves establish that its containment statement was false. Its estimate may also reflect differences in valuation or scope, while its promise to cover customer losses and advice to avoid old addresses are relevant steps as it investigates and prepares to restore services.
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