EXMO Cryptocurrency Exchange Platform Hacked

Written by Bill Toulas
Last updated September 28, 2021

Crypto exchange platform ‘EXMO’ has disclosed a hack, and warned its users about an inevitable service downtime and withdrawal freeze. The platform’s IT team has spotted large withdrawals that took place yesterday, affecting hot wallets that held roughly 5% of the total assets on the platform. That should be about $2.6 million worth in seven different cryptocoins.

EXMO has reassured all of the affected users that the platform in full will cover their losses, so nobody will lose their assets. Also, holders of cold wallets are not affected by this incident, so there’s nothing to worry about in that case.

The stolen assets were withdrawn on the following wallet addresses, which have been reported and are closely monitored now.

Cryptocurrency exchange services and platforms that work within a legitimate and ethical context are kindly asked to block all accounts that are connected to the above addresses. The platform has also informed the London police’s cyber-crime unit, so an official investigation was launched from their side as well. Anything that moves from these addresses will be closely monitored, so it won't be easy for the hackers.

Users of EXMO are advised not to deposit any funds to their wallets until the situation clears up. Withdrawals are also suspended for security reasons, so you should stay calm and be patient if you're affected by this. Hacks on cryptocurrency exchange platforms are nothing unheard of, so there’s no reason to panic right now. The important part is that EXMO is in a position to reimburse the stolen crypto, which is not always the case.

If you’re not planning to do a lot of trading in general or to use crypto for daily transactions, maybe you should opt for a cold wallet instead, which is not connected to the internet and thus less susceptible to hacker attacks like the above. Cold storage crypto wallets like Trezor and Ledger are ideal for long-term investments. Just keep in mind that there are tricky situations there, too, so for cryptocurrency holders, maintaining a careful stance should be a way of life.

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