Earlier today the largest crypto exchange in Brazil
@MercadoBitcoin was hacked and 299,921,791 wrapped
$DOG tokens on Solana worth ~$245,935 were stolen
The hacker then swapped the wrapped
$DOG tokens for USDC on Solana in 30 separate transactions over the course of 43 minutes
This extreme selling pressure caused the price of wrapped
$DOG on Solana to drop from $0.00082 to $0.00039
The price of wrapped
$DOG on Solana has since stabilized as traders took advantage of the arbitrage opportunity and brought the price back up to $0.00075
$DOG's price on native Bitcoin and on CEXs was relatively unaffected
The third-party
$DOG bridge to Solana operated by
@minelabs_ remains fully operational and was not impacted by this incident
Mercado Bitcoin has announced that they will absorb the losses from this hack and that "there was no harm to customers"
My interpretation of their statement is that they will soon be repurchasing 299,921,791 wrapped
$DOG tokens on Solana in order to restore their reserves to their previous levels
The
$DOG Army was uniquely impacted by this incident compared to other memecoin communities given the
$DOG Army's large presence in Brazil
I want all Brazilian
$DOG soldiers to know that we stand together with you and hope that Mercado Bitcoin makes a full recovery from this incident
This is also an important moment to remind everyone about the importance of securing their
$DOG
@krakenfx is the most regulated exchange with the strongest track record that currently lists
$DOG
@xverse combined with
@Ledger remains the most recommended self-custody solution among
$DOG soldiers
While I believe everyone should decide which custody solution is best for them I strongly encourage all
$DOG holders to take this opportunity to reassess how they secure their tokens and ensure their holdings are properly protected as the crypto industry faces an increasingly sophisticated landscape of security threats driven by advances in AI