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]------------------------------