Cryptocurrencies

Hacked Exmo cryptocurrency exchange suspends withdrawals – Cryptocurrencies

Exmo hack

Even hackers have to find enough to pay for the Christmas and New Years holidays: one last heist for the year, and one! Exmo is the victim of a hack. The exchange of course published a press release, the broad outline of which is reminiscent of the communications of other hacked exchanges.

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It’s hot for wallets!

The exchange Exmo based at United Kingdom reportedly lost around 5% of its total assets in a hack.

According to a statement released on December 21, 2020, Exmo had detected abnormal movements in the withdrawal operations when large quantities of Bitcoins (BTC) were leaving the platform’s hot wallets.

The development manager, Maria stankevich, told Cointelegraph that the incident was not serious and affected only 5% of the total assets managed by the exchange.

The press release specifies that assets placed in a cold wallet run no risk. The other cryptocurrencies affected by this hack areEther (ETH), the Ripple (XRP), the Tether (USDT), the Zcash (ZEC) and theEthereum Classic (ETC).

We know the post-hack song of the exchanges

The exchange did not accurately determine the exact amount of the losses and is focusing on tracking the stolen funds immediately.

For now, part of the funds have reportedly been moved to the exchange Poloniex. Exmo also contacted CipherTrace, Chainalysis and Crystal to mark suspicious addresses as high risk.

Exmo reportedly conducted a security investigation and reported the incident to law enforcement authorities.

The company has also instructed its users to suspend their deposit operations until the issue is resolved.

She assured that the losses suffered by those affected will be fully covered by the exchange.

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Earlier in December 2020, the exchange had obtained a temporary license from the Financial conduct authority which authorizes it to continue its trading activities until July 2021.

If having 5% of its assets stolen is not a “serious” loss, Exmo would have done better to donate them to social and solidarity businesses rather than to hackers. The latter certainly know the post-hack maneuver of the exchanges, aimed at complicating the laundering of stolen funds. By developing one or more strategies to bypass these barriers, hackers could find an effective way to anonymize funds and withdraw them in fiats without going through exchanges. After all, they are showing so far that they are still one step ahead of the crypto players.

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