Mercado Bitcoin hackers swap $11M in stolen altcoins for ETH

Mercado Bitcoin suffered a security breach in which attackers swapped roughly $11 million worth of stolen altcoins into ETH, the exchange disclosed. The incident underscores persistent vulnerabilities at centralized crypto exchanges and the difficulty of recovering assets once they are moved on-chain. Details on which specific tokens were affected and the exact breakdown of the $11 million haul were not fully specified. The conversion into ETH is notable because it can obscure the trail of stolen funds and complicate recovery efforts. Market participants will watch for further on-chain movement of the ETH, any reimbursement or insurance arrangements from Mercado Bitcoin, and whether the breach prompts tighter custody and security practices across exchanges.