Mercado Bitcoin, Brazil’s biggest Bitcoin exchange, says it will refund users after a $40 million hack, with customers told they will not bear the losses tied to $BTC holdings on the platform.

The refund pledge comes as withdrawals on the exchange remain frozen. No restart date has been announced, leaving users unable to move funds even as the exchange says they will be made whole.

That contrast is the core of the story: a public promise that customers won’t pay for the breach, paired with an operational freeze that has no clear end date.

Key details remain unconfirmed, including how and when refunds will be processed and what exactly must happen before withdrawals resume. The exchange has not provided a timeline for restoring normal service.

The $40 million figure puts the incident among the larger exchange breaches in the region, and the decision to cover customer losses shifts the immediate burden onto Mercado Bitcoin rather than its users.

For now, the situation is defined by two facts: the exchange says users will be refunded, and withdrawals are still locked with no restart date.

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