Another Cryptocurrency Exchange Suffered a Hack Back in December

Another Cryptocurrency Exchange Suffered a Hack Back in December

Crypto News Exchanges
January 13, 2021 by Elias Powell
20
While the year 2020 had been harsh and complex for the entire world and its economy, it has worked like a charm for the cryptocurrency industry. The past year has been of extremely great and significant importance for the entire cryptocurrency industry. The year saw the adoption of the cryptocurrency industry in the entire world

While the year 2020 had been harsh and complex for the entire world and its economy, it has worked like a charm for the cryptocurrency industry. The past year has been of extremely great and significant importance for the entire cryptocurrency industry.

The year saw the adoption of the cryptocurrency industry in the entire world through mainstream adoption. In particular, the major cryptocurrencies such as BTC, ETH, XRP, LTC, BCH, and more products NFT, and DeFi have gained a lot of adoption and recognition.

It was because of the last year that the cryptocurrency industry has managed to hit the Trillion dollar benchmark at the beginning of the year 2021. In general, the entire cryptocurrency industry has gained a lot of success and adoption in the last year.

However, with so much growth, development, and adoption, the cryptocurrency industry also became very vulnerable due to its decentralized nature. The cryptocurrency industry has faced a lot of scams and hacks in the past year. In the entire year 2020, the industry has experienced hacks that were worth more than $1 billion in total.

Recently, it was one of the major cryptocurrency exchanges based in the United Kingdom, Exmo that reported a hack. The exchange reported that it had suffered a major breach of its security. The firm reported that due to the major hack, the platform was forced to freeze all of its withdrawals.

The exchange later released a security notice following the hack on its security system. The firm informed that it had experienced a security breach on its withdrawal service back on December 14, 2020. In the security notice, the exchange confirmed that due to the breach, it experienced a withdrawal of Bitcoin from the hot wallets of the platform.

Following the release of the security notice, the head of business development at Exmo ‘Maria Stankevich’ provided clarification on the matter. Stankevich stated that although the exchange faced a high-security breach, yet not much harm was caused to the exchange’s assets. Therefore, the hack in general was not as serious as it was expected to be.

Stankevich advised that the Bitcoin (BTC) that have left the hot wallets from the exchange comprising just 5% of the exchange’s total asset holdings. She assured the entire Exmo user-community to not worry about their wallets stating that not a single cold wallet has been affected due to the hack.

The security notice released by Exmo revealed that Bitcoin (BTC) was not the only crypto-asset that had been exploited as a result of the hack. The notice informed that the other cryptocurrency assets that exploited in the hack included Ethereum Class (ETC), Zcash (ZEC), Ethereum (ETH), Tether (USDT), and Ripple (XRP).