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UK Crypto Exchange EXMO Says $4M of Hacked Funds Was Through Poloniex

 


Cryptocurrency exchange EXMO said an estimated $4 million of the cryptocurrency stolen during a hack on Dec. 21 was through the exchange Poloniex.  

  • The U.K.-based platform has estimated that a total of 6% of its cryptocurrency has been lost to the attack with an estimated $4 million being withdrawn through Poloniex. 
  • The dollar figure of what was lost overall in the hack wasn’t immediately known.
  • The exchange said assets cannot be recovered by EXMO due to criminals withdrawing the funds through Poloniex 
  • “$1 million in ZEC [zcash] stolen from EXMO have been withdrawn through the Poloniex crypto exchange,” an EXMO spokesperson told CoinDesk Friday.
  • On the day of the attack, EXMO said it had contacted cryptocurrency exchange Poloniex with a request to block an associated account and informed London police about the breach.
  • EXMO reported losses in six of the 57 cryptocurrencies it supports: ethereum classic. Each digital asset is hosted on its own server, the firm said.
  • The platform said it hopes to soon be able to fully reinstate withdrawals and deposit functions on its exchange which has resumed most of its work.
  • “We are making some final preparations and checks at the moment before enabling depositing and withdrawing on EXMO. It will soon be ready,” said the EXMO spokesperson. 
  • EXMO stressed that those users affected by the incident will be covered by the exchange.
  • Poloniex did not immediately respond to a request for comment.

U.K.-based cryptocurrency exchange EXMO disclosed Monday its hot wallets have been compromised and all withdrawal activity has been suspended. 

  • In a blog post on Monday, EXMO said it had detected "large withdrawals" on Dec. 21 at 02;27 UTC, and reacted "immediately and re-deployed hot wallets."
  • Five percent of the total assets held by the exchange are said to have been stolen. Cold, or offline, wallets were unaffected, it said.
  • EXMO said it is investigating the incident that saw losses of bitcoin (BTC, +4.2%), XRP (-11.84%), zcash (ZEC, +3.64%), tether (USDT, -0.05%), ether (ETH, +0.65%) and ethereum classic (ETC, -1.35%), according to early analysis
  • The exchange asked users to not deposit funds in existing EXMO wallets for the time being.
  • EXMO stressed that those users affected by the incident will be covered by the exchange.
  • London police have been informed of the breach, while EXMO will "conduct a thorough security review that will include all parts of our systems and data," per the post.

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