Quote from: Wiwo on Today at 06:48:42 PM

I received an email from bitemark on the 5th of December informing me about an attack on its got wallet which is hosted in two blockchains Bianca smart chain and Ethereum blockchain. As a result of that a total of $200 million worth of assets ranging from Bitcoin, baby don't, and some other coin. The news of the reimbursement came as a great relief to victims.

That's good news for the affected users of bitmart. Next time guys, don't put most of your funds in any exchange. Even they are the most reputable and secured exchange, through updates, the infiltrators can still attack them as much as they want until they're penetrated by these hackers.

Quote from: CaVO32 on Today at 09:01:49 PM

Quote from: DaveF on Today at 08:41:18 PM

If they have insurance, then the insurance company would have come down and taken a look at how they do business, security practices, and so on.
Then the insurance company, goes back and comes up with an amount per month / quarter / year to cover any loss that might occur. And if one does they investigate and pay.
Does not matter what business that we are talking about. Be it an exchange or anything else.

So if they did have insurance, they the way they operated WAS insurable. And they were operating that way, because if they are getting money you can be sure their insurance investigated before they wrote a check that big.

If they did not have insurance and are covering the loss out of pocket, how much profit are they making to cover $200 million?

-Dave

I only know Binance as having insurance (SAFU), but this bitmart exchange, honestly, just heard this exchange because of this recent hack. Also, if the OP can give a link so people can read about this recent hack.

https://cointelegraph.com/news/bitmart-pledges-to-reimburse-hack-victims-as-crypto-community-voices-support

From the article, it is stated that the exchange will shoulder the losses. So don't know how they will cover those multi-million dollar losses. For their users, check their fees later on.

The explanation about insurance is already enough for them to cover the loss for their customers. So if it's a fact that they're insured before the hack has happened then there's no problem for them reimbursing it and there's no need to question how they'll refund the affected funds. Because the most important is that the funds will be sent back to their customers who lost funds with them.