$16 Million Blocked… Mercado Bitcoin Promises to Preserve Customer Assets

Brazilian crypto exchange Mercado Bitcoin said it has blocked more than $16 million in assets tied to a hack of its hot wallet that occurred on November 2, up from the $15 million it reported on November 4, and reiterated that any customer shortfall will be covered with company funds. The blocked amount means the movement of those assets has been halted, not that they have been returned or credited to customer accounts. Mercado Bitcoin suspended deposits and withdrawals as a precaution following the incident. The episode matters as a test of the exchange's pledge to make customers whole without passing losses onto users, and the next thing to watch is whether the blocked funds are recovered and how quickly deposit and withdrawal services resume.