Mercado Bitcoin Hack: Brazilian Exchange Halts Withdrawals After ~$40M Drained
Author: Crypffalo Research · 00:23 03/11/2026
Brazil's Mercado Bitcoin paused deposits and withdrawals after an estimated $40 million was drained from its wallets across at least 10 blockchains, days after the Binance hack.
Brazilian crypto exchange Mercado Bitcoin suspended all deposits and withdrawals on Monday, Nov 2. Wallets linked to the platform were drained in an unauthorized transfer.
Security firms put the loss at roughly $40 million spread across at least 10 blockchains. The exchange has not confirmed that figure and says the incident has been contained.
Key takeaways
- Losses: An estimated $40 million or more, based on preliminary analysis by Hypernative and other security firms.
- Scope: At least 10 chains, including Bitcoin, Ethereum, Solana, Tron, Polygon, Arbitrum, Avalanche, BSC and Stellar.
- Exchange response: Deposits and withdrawals paused; the company says customers were not affected and no data was exposed.
- Freezes: Tether says it has frozen more than 4.5 million USDT tied to the incident.
- Attribution: None yet, and no public evidence links it to the Binance hack.
How it unfolded
Mercado Bitcoin said it identified and quickly contained a security incident in one of its systems in the early hours of Monday, Brazil time. Deposits and withdrawals were halted as a precaution while the team investigates.
The exchange says it is tracing the assets and coordinating with authorities. It has not given a date for resuming services and will post updates on X.
- 06:19–06:53 UTC, Nov 2: According to a report shared by Pablo Sabbatella, founder of security firm Opsek, the largest outflows hit in this window, with most funds moved to fresh addresses.
- Later on Nov 2: Mercado Bitcoin disclosed the incident on X and published the destination addresses on EVM chains, Bitcoin, Solana, Stellar and Tron so others could track them.
- Also on Nov 2: Tether CEO Paolo Ardoino said more than 4.5 million USDT linked to the theft had been frozen.
What the attacker holds
The same Opsek-shared report says the attacker's wallets now hold about 2,852 ETH, 106 BTC, 10,700 SOL, 6.7 million XLM, 77,000 AVAX and more than 200 other tokens. These figures have not been confirmed by the exchange or an independent third party.
Neither CoinDesk nor Decrypt reported how the attacker obtained signing access. A USDT freeze also does not mean the funds have been returned to the exchange.
What it means for crypto markets
At around $40 million, the incident is far smaller than the $6.3 billion Binance hack in late October. Bitcoin traded near $77,300 on Monday, down less than 1% on the day, suggesting a muted market reaction so far.
- Bull case: The exchange quickly confirms full coverage, reopens withdrawals and more of the stolen funds are frozen, letting the story fade.
- Risk case: Actual losses come in higher, or the investigation points to a vulnerability shared with other platforms, deepening concern over centralized exchanges.
This is the second notable incident at a centralized exchange in about a week. Custodial security is likely to stay in focus for investors and regulators.
What to watch next
- An official update from Mercado Bitcoin on the final loss figure and how customers will be made whole.
- When deposits and withdrawals resume.
- On-chain tracing results and any attribution to a specific hacking group.
- The U.S. jobs report later this week on the economic calendar, plus real-time liquidations.
Frequently Asked Questions
What is Mercado Bitcoin?
It is a major Brazilian crypto exchange that Decrypt describes as the country's largest. It mainly serves Latin American investors.
Have customers lost funds?
The exchange says customers were not affected and no data was breached. It has not yet detailed how losses will be covered.
Is this linked to the Binance hack?
There is no public evidence connecting the two incidents so far. The attacker behind the Mercado Bitcoin breach has not been identified.
*This content is for information only and is not financial advice.*
Tags: Mercado Bitcoin, Hack, Security, Brazil
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