Exmo Crypto Exchange Suffers A Hack, Withdrawals Are Stopped

The Exmo crypto exchange suffered a hack recently and lost 5% of its total assets during that time as we are reading more in today’s crypto news.

The Exmo crypto exchange which is headquartered in the United Kingdom suffered a major security breach that caused the platforms to stop all withdrawals. According to a notice, the exchange detected suspected withdrawal activity at the start of the week with large amounts of bigger coins like BTC leaving the hot wallets of the platform.

Maria Stankevich who is the head of business development at the crypto exchange Exmo said that the incident is nothing serious as the affected wallets comprise 5% of the total assets that are held by the platform”

 “Let us stress that all the assets in the cold wallets are safe.”

Attention!
We detected suspicious withdrawal activity. All withdrawals are temporarily suspended. We're investigating the issue and taking measures to protect your funds.
If any user fund is affected by this incident, it'll be covered completely by EXMO.https://t.co/QCtOGRFE65

— EXMO (@Exmo_Com) December 21, 2020

According to the announcement, other affected assets included ETH, XRP, Zcash, ETC, and Tether, with the correspondent crypto wallets that were involved in the hack, asking the global exchanges to block the associated wallets. Stankevich also noted that the exchange still hasn’t calculated the number of losses claiming that the exchange is focused on tracking the movement of the withdrawn funds. Exmo launched a security investigation and reported the case to the London police as well. the company asked the users not to deposit any funds to the wallets until the issue is resolved:

 “We want to assure you that if any user fund is affected by this incident, it will be covered completely by Exmo.”

Earlier in December, Exmo received a temporary registration from the United Kingdom Financial Conduct Authority allowing it to continue trading for an extended period of time to July 9, 2021. As previously reported, On Dесеmbеr 26, 40-уеаr-оld IT ѕресіаlіѕt аnd bіtсоіn еxсhаngе еxесutіvе Pаvеl Lerner wаѕ kidnapped in Kіеv, Ukraine. He was rероrtеdlу fоrсеd into a Mercedes-Benz Vіtо bу unknown аѕѕаіlаntѕ wеаrіng dаrk сlоthеѕ аnd bаlасlаvаѕ. Lеrnеr, a lеаdіng analyst аt сrурtосurrеnсу еxсhаngе EXMO, ѕtорреd answering thе рhоnе after lеаvіng thе company’s оffісеѕ. Sреаkіng tо Rеutеrѕ, Antоn Gеrаѕhсhеnkо, аn аdvіѕоr tо thе Ukrainian Interior Minister Arѕеn Avakov, ѕtаtеd thаt Pаvеl Lеrnеr was rеlеаѕеd after a $1 mіllіоn bіtсоіn rаnѕоm wаѕ раіd. Pеr his wоrdѕ, іt seems еіthеr Pаvеl Lerner оr EXMO paid the rаnѕоm, but at thіѕ роіnt, it’s unсlеаr whо actually dіd іt. Pеr a ѕtаtеmеnt EXMO rеlеаѕеd, Pаvеl dіdn’t hаvе ассеѕѕ tо thе fіnаnсіаl аѕѕеtѕ оf users, аnd thе рlаtfоrm kерt operating normally.