On November 2, cryptocurrency enthusiasts in Brazil awoke to find that their funds were inaccessible due to Mercado Bitcoin ceasing deposits and withdrawals. This action came after Hypernative identified over $40 million in questionable transactions spanning ten different blockchains, just days following the $6.3 billion breach of Binance. This week’s key takeaway in the crypto realm centers around who controls a trader’s assets.
While news of the hack dominated headlines, transactions kept flowing into Pepeto, a presale designed to create an exchange that never controls user funds. A platform that retains no key access ensures that attackers have nothing to exploit.
Crypto Update: Mercado Bitcoin Suspends Withdrawals After $46 Million Hack
On November 2, Brazil’s Mercado Bitcoin stopped all deposits and withdrawals after hackers compromised its hot wallets, leading to estimated losses around $46 million. The exchange, which had 4.5 million users as of July, had not announced a timeline for resuming services as of November 3.
Fortunately, the response helped mitigate further losses: Tether froze over 4.5 million USDT linked to the attack the same day, asserting that no customers suffered financial loss. Bitcoin’s price remained around $77,000 despite the incident, indicating that the market perceived it as a singular company’s issue.
Nonetheless, the 4.5 million users find themselves unable to access their funds until the exchange makes a decision, as the custodial nature of the platform means it controls users’ keys. CertiK’s Dickson Wu indicated that the attackers moved small amounts from 27,160 customer deposit addresses, suggesting they managed to infiltrate the exchange’s internal accounts.
This scenario raises critical questions about custodianship in the current crypto landscape. As exchange coins prospered during their rise, Pepeto has emerged as an exchange coin at its inception, structured so that users’ assets never leave their personal wallets.
Why Pepeto Attracts Buyers Following Two Exchange Freezes in a Week
Investors are gravitating toward an exchange token designed for those wishing to maintain control over their assets. Pepeto is currently selling its tokens in various increasing stages prior to its inaugural listing, with each stage priced higher than the last, and the exchange never takes user custody.
In a custodial exchange setting, funds are kept in the company’s hot wallets, leaving investors in limbo when a breach occurs. In contrast, PepetoSwap allows trades directly from the users’ wallets, whether that be MetaMask or Phantom, with no intermediary holding assets.
Orders are relayed through a secure private channel by default, and there are no transaction fees, ensuring that both assets and fees remain with traders.
Development is ongoing for features including a bridge across five chains and an AI-driven security scanner, along with a staking program offering an impressive 160% APY. SolidProof has evaluated both the technology and the team behind Pepeto.
Despite the turmoil from two frozen exchanges, Pepeto’s presale has raised over $11.2 million, with major investors often capitalizing on opportunities during market disturbances. The current open stage is priced at $0.0000001904, with subsequent stages set to increase.
Historically, the FTX collapse illustrates this pattern: Bitcoin dipped near $15,500 on November 21, 2022, following FTX’s downfall, but reached over $126,000 by October 2025, rewarding those who bought low.
Conclusion
With two exchanges halting customer transactions in just one week, Pepeto’s presale continues to gain traction. Historically, Bitcoin rewarded those who purchased during exchange failures.
The takeaway from this week’s crypto developments is that the safest assets are those not controlled by a third party. Pepeto is in the process of creating such an exchange while still available at presale pricing, with each phase concluding either upon reaching its target or when the timer runs out.
Investors who acquired Bitcoin during the FTX crisis became significant beneficiaries, with many who hesitated now feeling regret over their missed opportunity.
Pepeto provides a similar early opportunity, especially with a Binance listing on the horizon. For those feeling regret, this represents a unique chance presented by the market.
Visit Pepeto’s Website to Join the Presale
Sponsored content. Cryptocurrency carries risks. This is not financial advice.