The hacker behind a major breach at Brazilian cryptocurrency exchange Mercado Bitcoin has moved millions of dollars in stolen digital assets as investigators continue tracking the funds across multiple blockchains.

The November 2 attack resulted in losses estimated at $38 million to $48.6 million, affecting assets across at least 10 blockchain networks, including Bitcoin, Ethereum and stablecoins. Mercado Bitcoin temporarily suspended deposits and withdrawals following the incident and pledged to cover customer losses.

In an update on November 3, the exchange said it had blocked approximately $11 million in stolen cryptocurrency through cooperation with blockchain security firms and stablecoin issuers. The recovery effort involves partners including Tether, Circle, Paxos and Chainalysis.

Blockchain analytics firms Arkham and Bitquery have been monitoring the stolen funds as the attacker consolidates assets and moves portions of the cryptocurrency into new wallets. Investigators are also coordinating with law enforcement to trace the remaining funds and identify opportunities to freeze additional assets.

The same attacker reportedly targeted cryptocurrency exchange BitMart around the same time, stealing approximately $391,000. BitMart founder Sheldon Xia confirmed the incident as the exchange continues to face staff reductions and restructuring challenges.

Both exchanges are investigating the incidents and working with security researchers to track the stolen cryptocurrency. The identity of the attacker and the method used to gain access to Mercado Bitcoin’s systems have not been publicly confirmed.


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