​Crypto Exchange Exmo Hacked, Temporarily Suspends All Withdrawals

​Exmo, an UK-based cryptocurrency exchange, announced that it has been investigating the suspicious withdrawal activity on December 21st, 2020.

On Monday, the company noted that some amounts of BTC, XRP, ZEC, USDT, ETC and ETH in EXMO's hot wallets, which comprise near 5% of the total assets, were transferred out of the exchange.

The exchange stressed that all the assets in the cold wallets are safe and it will cover any user fund affected by this incident.

According to the exchange, it has taken some measures to ensure the security of clients' funds, including suspending all clients deposits and withdrawals, tracing the funds, reporting the case to the Police and National Cybersecurity center and so on.

“Compromised due to the hack amount makes up around 6% of the company's total assets. We don't believe it could somehow affect a going concern basis for EXMO. The company's policy is to store around 5-10% of all its assets on hot wallets to enable fast withdrawals for users and limit potential losses from the hacks. At the moment of the hack, there was approximately 5-10% of BTC on a withdrawal wallet according to the internal rules,” the exchange stated.

At the moment, Exmo says the team is investigating the incident and will keep the address list updated.