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Crypto exchange Exmo hacked, compromises 5% of total assets

Saudu Clement
Saudu Clement

While the Ledger wallet hack saga is still ongoing, a cryptocurrency exchange, Exmo, has suffered a security breach. The exchange noticed suspicious withdrawal activity on Monday, December 21. According to a security notice from the company, a large amount of Bitcoin, Ethereum, and other digital assets were leaving the exchange’s hot wallets.

In response to the hack, the exchange has frozen all withdrawals. Meanwhile, while speaking to Cointelegraph, Maria Stankevich, head of business development at the exchange said that the incident is “nothing very serious.” The hack only affected hot wallets holding about 5% of the total assets controlled by the exchange.

The exchange gave a list of the affected coins along with the addresses the stolen funds were transferred to. In addition to Bitcoin and Ethereum, Ripple, Tether, Zcash, and Ethereum Classic were also affected. Analysis shows that most of the funds have been sent to Poloniex.

Exmo has called on global exchanges and other services to block the accounts associated with the stolen funds. And whilst the exchange is yet to drop an official figure, analysis shows that around $10.5 million worth of digital assets were compromised.

Exmo claims to have reported the incident to the London police. They have also assured users that those affected will be refunded. Furthermore, deposits to the exchange have been discouraged until the issue is resolved.



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