Blockchain/ Distributed Ledger

Exmo exchange hacked, who's paying for it? Seriously, I want to know.

  • 1.  Exmo exchange hacked, who's paying for it? Seriously, I want to know.

    Posted Feb 19, 2021 09:59:00 AM
    Exmo exchange hacked, who's paying for it?

    Exmo stated that at least 5% of their assets under management were stolen from hot wallets on Dec 21, 2020. The interesting part is:

    EXMO stressed that those users affected by the incident will be covered by the exchange.


    Which has me wondering one simple thing: who's paying for this? There is no mention of insurance, and I assume any insurance company on the hook for this will fight it. Are profit margins for running an exchange so high (e.g. taking people's deposits and lending them out/investing them/etc) that they can cover a 5% loss? Are they just going to play musical chairs with the assets, and hope that most people don't try to withdraw their funds?

    Crypto Exchange EXMO Says Hackers Have Stolen 5% of Total Assets - CoinDesk

    Archive.org links since the exmp.com site is down:
    Important! Security Incident Update | EXMO Info Hub

    Important! Security Incident Update | EXMO Info Hub




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    Kurt Seifried
    Chief Blockchain Officer and Director of Special Projects
    Cloud Security Alliance
    [email protected]
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