Exmo crypto alternate suffers hack, halts all withdrawals

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Exmo, a UK-based cryptocurrency exchange, has suffered a serious security breach that resulted in the platform freezing all withdrawals.

According to a security advisory dated Dec. 21, Exmo discovered suspicious withdrawal activity on Monday, with large amounts of important coins such as Bitcoin (BTC) exiting the platform’s hot wallets.

Maria Stankevich, director of business development at Crypto Exchange Exmo, told Cointelegraph that the incident was “nothing very serious” as the affected hot wallets account for 5% of the exchange’s total assets. “Let us emphasize that all assets in the cold wallets are safe,” the announcement said.

According to the announcement, other cryptocurrencies announced were Ether (ETH), XRP, Tether (USDT), Zcash (ZEC) and Ethereum Classic (ETC). The exchange mentioned corresponding crypto wallets that were likely involved in the hack and asked the global exchange to block the associated wallets.

Noting that the exchange had not yet calculated the size of the losses, Stankevich claimed that Exmo was now focused on tracking the movement of funds withdrawn.

Exmo opened a security investigation and also reported the case to the London police. The company urged users not to deposit funds into Exmo wallets until the issue is resolved. “We would like to assure you that any user fund affected by this incident will be fully covered by Exmo,” the company said.

In early December, Exmo received temporary registration from the UK Financial Conduct Authority, which allowed it to continue trading for an extended period until July 9, 2021

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