UK Crypto Exchange Exmo Hacked, Estimates Presume Platform Lost $10.5 Million

UK-based cryptocurrency exchange Exmo, detailed on December 21, 2020, had “detected suspicious withdrawal activity” and stopped withdrawals. Exmo said a security audit report found “large withdrawals” from Bitcoin and five other cryptocurrencies. Analysts estimate that Exmo lost over $ 10 million to the hot wallet breach.

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

“The affected hot wallets make up almost 5% of total assets. Let’s stress that all assets in the cold wallets are safe, ”wrote Exmo in the Security Incident Report.

The exchange added:

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

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

According to market aggregators, the trading platform has a 24-hour trading volume of USD 43 million (1,890 BTC). Exmo was founded in 2013 and claims to have 1.6 million registered users and around 50,000 daily traders.

Currently, according to Exmo, the team is investigating the incident and will keep the address list up to date.

“We reported the case to the London police this morning and we are staying in touch with the cybercrime team there,” said Exmo. “We [will] Also, do a thorough security review that includes all pieces of our systems and data, ”added the exchange. Exmo was recently granted temporary registration status by the UK Financial Conduct Authority.

What do you think of Exmo’s latest compromise? Let us know what you think on this matter in the comments section below.

Tags in this story

$ 10.5 million lost, 5, Bitcoin, Violation, Compromise, Cryptocurrency, ETC, ETH, Exmo, Exmo Exchange, Exmo Trading Platform, Hack, London, Security, UK Crypto Exchange, UK Exchange, USDT

Photo credit: Shutterstock, Pixabay, Wiki Commons

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