BitMart founder says security team ‘severely understaffed’ after new hack

The crypto exchange’s founder warned of security staffing shortages amid restructuring as analysts flagged suspicious transfers potentially linked to the Mercado Bitcoin hack.

Cryptocurrency exchange BitMart is operating with an understaffed security team following restructuring, its founder said Wednesday, after confirming a new hack that may be linked to the recent attack on Brazil’s exchange Mercado Bitcoin.

In a post on X, BitMart founder Sheldon Xia said threats against employees and alleged retaliation by former staff had complicated efforts to retain technical personnel.

“It took considerable effort and individual conversations to persuade some key technical staff to remain and maintain our core systems,” Xia wrote. “However, we continue to face numerous attacks. Our security team is currently severely understaffed, but we are still doing everything we can to safeguard data and assets.”

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