Exmo Hacked Crypto UK Exchange, $ 10.5 Million Missing Platform Assumption Estimates

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

On Monday, the UK-registered digital currency trading platform Exmo revealed that it suffered a loss of “some quantities of BTC, XRP, ZEC, USDT, ETC, and ETH.” According to the exchange, members of the team monitoring the hot wallets “noticed some large abstractions” at approximately 2:27:02 UTC.

“The hot wallets affected comprise almost 5% of total assets. Let us 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 this fund affects any user pool, it will be fully covered by Exmo.

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

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

Exmo says the team is currently investigating the incident and will update the address list.

“We reported the case to London police this morning and kept in touch with the cyber-crime team there,” said Exmo. “We [will] is also conducting a thorough security review that will cover all of our systems and data, ”the exchange added. Exmo was recently 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 of this topic in the comments section below.

Tags in this story

Lost $ 10.5 Million, 5, Bitcoin, Cut, compromise, Cryptocurrency, ETC, ETH, Exmo, Exmo Exchange, Exmo Trading Platform, Hack, London, Security, UK Crypto Exchange, UK Exchange, USDT

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