FTC Probes BitMart Exchange Breach, Marking Agency’s First Crypto Case

FTC Probes BitMart Exchange Breach, Marking Agency’s First Crypto Case

The Federal Trade Commission is investigating the operators of the BitMart cryptocurrency exchange over a December 2021 hack that led to consumer losses between $150 million and $200 million — marking the agency’s first known probe into crypto markets.

The investigation was disclosed Wednesday in an FTC order denying a bid by BitMart operators Bachi.Tech Corporation and Spread Technologies LLC to block the agency’s efforts to compel them to turn over information. The companies had argued that the FTC’s document request was overly broad and that some of the information was located overseas.

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