EXMO returns!
It’s always nice to watch how large companies solve their own mistakes and, recognizing imperfections, make the product better. Something similar happened with the EXMO cryptocurrency exchange. The previously hacked platform announced that it was suspending operations. It took the developers time to establish the cause of the technical malfunction. And, of course, to ensure the maximum security of the platform in the future. All this took as long as 5 days, but today EXMO resumed working with user funds. We will consider the consequences of the event and tell you how to treat EXMO now. So let’s get started.
Details
First of all, let us remind you that 5 days ago, on December 21, EXMO completely froze its own accounts. Users could neither replenish the balance, nor cash out their own funds. The reason for this was a daring, well-prepared hacker attack. As a result of a carefully planned attack, EXMO lost $ 4 million in Bitcoin and other coins. They managed to withdraw the money to third-party resources, the hackers used the services of the Poloniex exchange and probably already divided the received mining. However, we are interested in details. For a complete picture, we will answer a few key questions.
Why did the hack happen?
It’s hard to say, in fact, there can be many reasons, and the developers have every right not to disclose the true nature of the hacker attack. However, the creators do not deny the obvious security problem, which is the weak design of the hot wallet chain. At the moment, the developers are finalizing the existing algorithms and will soon present an updated digital solution.
Who is behind the attack on EXMO?
The only thing that EXMO specialists and law enforcement officers know is a few details regarding the hacking and spending of the money received. At the moment, one cannot confidently blame certain burglars. We hope that time will tell who is behind such a daring raid on the popular exchange.
Will the money go to users?
The total amount of damage, according to EXMO experts, was more than $ 10 million. In total, the exchange lost about 6% of its own assets. It will not be possible to return the funds, since the Blockchain does not imply the return of completed transactions. Nevertheless, thanks to the reserve savings, EXMO will recover the lost money. Project representatives advise transferring the recovered funds to a new wallet, since all wallets created before the hack will soon be left without support. We’ll have to start creating new digital props. Nevertheless, we have no doubt that this is the only measure that will allow the creators of EXMO to confidently speak about the safety of their resource.
Conclusion: should we continue working with EXMO?
Everyone will answer this question independently. However, let me dot the i’s. The unconditional popularity and convenience of the functionality speaks in favor of the exchange. Experts will solve the identified security problem in the near future. Of course, additional analysis of the attack will be required, but we are sure that EXMO will draw a conclusion and enter the new year with fully protected functionality. However, the likelihood of a second attack cannot be denied. So decide if you are ready to continue working with EXMO and take action accordingly.
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