UK-based cryptocurrency exchange Exmo detailed on December 21, 2020, the company had “detected suspicious withdrawal activity” and stopped withdrawals. Exmo said a security audit report revealed “major withdrawals” of bitcoin and five other cryptocurrencies. Analysts estimate that Exmo may have lost more than $ 10 million in the hot wallet breach.

On Monday, UK-registered digital currency trading platform Exmo announced that it was “a part of BTC, XRP, ZEC, USDT, AND SO ON, and ETH. According to the exchange, team members monitoring the hot wallets saw “some major withdrawals” at approximately 2:27:02 UTC.

“The affected hot wallets make up almost 5% of the total assets. Let’s emphasize that all assets in the cold wallets are safe, ”Exmo wrote in the security incident report.

The exchange added:

Most importantly, we want to assure you that if a user fund is affected by this incident, it will be fully covered by Exmo.

Exmo also provided a list of cryptocurrency addresses in the blog post, and according to The Block’s research analyst Igor Igamberdiev, the exchange lost approximately $ 10.5 million in digital assets. Exmo is requesting digital currency services and exchanges to block the listed crypto addresses associated with the compromise.

The trading platform is worth $ 43 million (1,890 BTC) in 24-hour trading volume according to market aggregators. Founded in 2013, Exmo claims to have 1.6 million registered users and approximately 50,000 daily traders.

At this point, Exmo says the team is investigating the incident and will keep the mailing list up to date.

“We reported it to the London police this morning and are in contact with the cybercrime team there,” said Exmo. “We [will] also conduct a thorough security assessment covering all parts of our systems and data, ”added the exchange. Exmo has recently been granted temporary registration status by the UK Financial Conduct Authority.

What do you think of Exmo’s recent compromise? Let us know what you think about this topic in the comments below.

Tags in this story

$ 10.5 million lost, 5, Bitcoin, Violation, Compromise, Cryptocurrency, AND SO ON, ETH, Exmo, Exmo Exchange, Exmo trading platform, Hack, London, Safety, UK Crypto Exchange, UK Exchange, USDT

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