EXMO Exchange Hacked, All Withdrawals Stopped

EXMO Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, the UK-based crypto platform, announced on Monday that it has been hacked causing all withdrawals from the exchange to be halted.

According to a statement on the EXMO Exchange website, large withdrawals were noticed by the exchange in the early hours of Monday morning. Hackers stole BTC, XRP, XEX, ESDT, ETC, and ETH from the hot wallets and moved the funds off-site.

Overall, it is understood that 5% of the exchange’s total assets were stolen by hackers. In the statement, EXMO listed the addresses linked to the hackers and requested that all crypto services and exchanges block the accounts connected to the wallet addresses.

https://twitter.com/Exmo_Com/status/1340968871830966272?s=20

EXMO exchange responded to the security breach by stating they will cover any user funds affected by the incident. In the meantime, EXMO exchange has suspended all withdrawals and are asking users not to deposit funds into the EXMO wallet.

An internal security investigation has been launched and the crime was reported to the cybercrime team of the Metropolitan Police.

Crypto Hacks Continue

Monday's hack of EXMO is the latest in a long line of Cryptocurrency Exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term hacks. However, losses from cryptocurrency thefts, hacks, and fraud fell to $1.8 billion for the first 10 months of 2020 compared with 2019. Last year, losses from crypto-related crime hit $4.5 billion worldwide.

According to a report by Ciphertrace, approximately 50% of Crypto Hacks in 2020 are from DeFi Protocols and Exchanges. In the first half of 2020, DeFi accounted for 45% of all thefts and hacks ($51.5M or 40% of hacked volume). In the second half of this year, DeFi accounted for 50% of all thefts and hacks ($47.7M or 14% of hacked volume).