BitMart, a global cryptocurrency exchange, has announced the
addition of the Euro (EUR) to its peer-to-peer (P2P) trading marketplace. This
new feature aims to provide European users with enhanced opportunities for
cryptocurrency trading.
Diverse Exchange Rates for User-Seller Deals
The P2P trading platform at BitMart allows users to interact
with multiple sellers who offer various exchange rates and payment options.
This model, similar to online marketplaces, enables users to find favorable
deals according to their preferences, while sellers can reach a wider audience
of potential buyers.
“With Euro being one of the world’s most widely used
fiat currencies, its inclusion in our P2P marketplace simplifies fiat-to-crypto
transactions for our European users,” said Nickolas Hoog, VP of Marketing
at BitMart.
“With EUR now available, we offer our European users a
seamless and efficient path to engage with crypto markets, reaffirming our
dedication to providing a diverse range of options for our expanding global
user base.”
Compensation Plan after Hack
Earlier, BitMart
fell victim to a major hack, resulting in the theft of $196 million worth
of digital assets, as reported by Finance
Magnates. The platform’s Founder and CEO, Sheldon Xia, had announced that
BitMart would compensate all affected users using its own funds.
Initially denying claims by the crypto-security firm
Peckshield about the breach, BitMart later confirmed the hack, attributing it
to a stolen private key compromising two hot wallets. The attacker utilized a
decentralized exchange aggregator, 1inch, to swap stolen tokens into Ether and
then sent them to a privacy mixer, Tornado Cash, to obscure their traceability.
Xia assured users of the efforts to enhance security
measures and operations, promising to restart deposit and withdrawals by
December 7, 2021. This incident underscores the persistent threat
cybercriminals pose to cryptocurrency exchanges, as demonstrated by recent
attacks on other platforms like Cream Finance, which lost $130 million in a
flash loan attack the previous month.
This article was written by Tareq Sikder at www.financemagnates.com.
