The UK-based cryptocurrency exchange Exmo detailed on December 21, 2020 that the company “detected suspicious withdrawal activity” and stopped withdrawals. Exmo stated that a security audit report showed that Bitcoin and five other cryptocurrencies were “large withdrawals.” Analysts estimate that Exmo may have lost more than $10 million due to the hot wallet vulnerability.

On Monday, Exmo, a digital currency trading platform registered in the United Kingdom, revealed that it had suffered “some losses in BTC, XRP, ZEC, USDT, ETC and ETH.” According to information from the exchange, the team members monitoring the hot wallet “discovered some large withdrawals” at approximately 2:27:02 UTC.

“The affected hot wallets accounted for nearly 5% of total assets. Let us emphasize that all assets in cold wallets are safe.” Exmo wrote in the security incident report.

The exchange added:

Most importantly, we want to assure you that if any user funds are affected by this event, Exmo will completely cover the funds.

Exmo also provided a list of cryptocurrency addresses in a blog post. 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 listed encrypted addresses related to the leak.

According to market aggregators, the trading platform’s trading volume reached 43 million U.S. dollars (1,890 BTC) within 24 hours. Exmo was founded in 2013 and claims to have 1.6 million registered users and approximately 50,000 daily traders.

Currently, Exmo said that the team is investigating the incident and will keep the address list updated.

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“We reported the case to the London police this morning and kept in touch with the cybercrime team there,” Exmo said. “we [will] And added that we will also conduct a comprehensive security review, which will include all parts and data of our system. “Exmo was recently granted provisional registration status by the UK Financial Conduct Authority.

What do you think of Exmo’s recent compromise? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Loss of $10.5 million, 5, Bitcoin, default, compromise, cryptocurrency, ETC, ETH, Exmo, Exmo Exchange, Exmo trading platform, Hack, London, security, UK Crypto Exchange, UK Exchange, USDT

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