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EXMO Hack: Deposits, Withdrawals Now Enabled Despite Hack

EXMO Hack Deposits, Withdrawals Now Enabled Despite Hack
  • Cryptocurrency exchange EXMO said it had lost about $10 million.
  • $4 million from the stolen funds were withdrawn using the Poloniex exchange.
  • EXMO now allows deposits and withdrawal, although users need to generate a new wallet address.

In the latest developments regarding the EXMO hack, the exchange now allows users to deposit and withdraw cryptocurrency on its platform.

The tweet was also linked to an official announcement from EXMO. according to the announcement, users can now deposit and withdraw major cryptocurrencies. Furthermore, they can now start depositing fiat money on the platform.

To start depositing on EXMO, the exchange urged users to generate a new wallet address. Moreover, the exchange said that deposits made to the old addresses will still be credited to their accounts.

The EXMO hack happened on December 21, wherein the intruders stole cryptocurrencies such as  BTC, XRP, ZEC, USDT,  ETC, and ETH assets from EXMO’s hot wallet. Unfortunately, due to the funds’ sophisticated withdrawal history, stolen assets cannot be recovered.

However, EXMO assured that all user assets that may be affected by the hack are covered by the exchange.

Subsequently, EXMO called Poloniex exchange to block an associated account and reported the incident to the London police. After this, EXMO advised users to stop depositing funds in their already existing EXMO wallet.

Aside from this, EXMO also started to conduct a security survey, including the overall system and data.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.