UK-based Crypto Exmo Hacked, Reports Loss Worth $10.5 Million

Suzat

December 23, 2020 2:57 pm

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Exmo, a U.K.-based digital currency exchange reported on December 21, 2020, the firm had “detected suspicious withdrawal activity” and froze withdrawals. Exmo released an audit report and revealed “large withdrawals” of bitcoin (BTC), XRP, ZEC, USDT, ETC, and ETH. According to the Analysts, Exmo may have lost over $10 million from the hot wallet breach.

Exmo announced:

“The affected hot wallets comprise near 5% of the total assets. Let us stress that all the assets in the cold wallets are safe.”

Exmo also shared a list of cryptocurrency addresses in the blog post and The Block’s research analyst, Igor Igamberdiev mentioned that the exchange lost roughly $10.5 million in digital assets. Exmo is asking crypto services and exchanges to block the listed crypto addresses that are connected with the compromise.

The exchange added:

“Most importantly, we want to assure you that if any user fund is affected by this incident, it will be covered completely by Exmo.”

Exmo says that the team is investigating the incident and will keep the address list updated. Exmo was recently granted temporary registration status from the U.K. Financial Conduct Authority.

The company included:

“We reported the case to the London police this morning and keep in touch with the cybercrime team there. We [will] also conduct a thorough security review that will include all parts of our systems and data.”

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