Wednesday, March 3, 2021
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Exmo crypto exchange suffers hack, halts all withdrawals

Exmo, a cryptocurrency exchange headquartered in the United Kingdom, has suffered a major security breach causing the platform to freeze all withdrawals.

According to a Dec. 21 security notice, Exmo detected suspicious withdrawal activity on Monday, with big amounts of major coins, such as Bitcoin (BTC) leaving the platform’s hot wallets.

According to Cointelegraph, Maria Stankevich, head of business development at crypto exchange Exmo, said that the incident is “nothing very serious,” as the affected hot wallets comprise 5% of the total assets held by the exchange. “Let us stress that all the assets in the cold wallets are safe,” the announcement reads.

Other affected cryptocurrencies included Ether (ETH), XRP, Tether (USDT), Zcash (ZEC), and Ethereum Classic (ETC), according to the announcement.
The exchange named correspondent crypto wallets that were likely to be involved in the hack, asking global exchanges to block the associated wallets.

Stankevich indicated that the exchange has not yet calculated the amount of losses, stating that Exmo is currently focused on tracking movement of withdrawn funds.

Exmo launched a security investigation and also reported the case to the London police. The company asked users to not deposit any funds to Exmo wallets until the issue is resolved. The company stated that “We want to assure you that if any user fund is affected by this incident, it will be covered completely by Exmo.”

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