Nearly 40 million was stolen from Mercado Bitcoin (a Brazilian crypto exchange), and it says it will compensate users in full. More than whether it takes “responsibility,” I care about where the compensation money will come from. The announcement didn’t say where the funds would come from, so for now I’ll treat it as a promise, not as a safety net that’s already in place.
There are just two things to watch, in order: first, whether it discloses if the money will come from an insurance fund or its own funds; then, whether withdrawals face any unusual queues. The first determines whether there will be hidden selling pressure; the second determines how quickly users vote with their feet.
There are just two things to watch, in order: first, whether it discloses if the money will come from an insurance fund or its own funds; then, whether withdrawals face any unusual queues. The first determines whether there will be hidden selling pressure; the second determines how quickly users vote with their feet.