Exmo, a UK-based cryptocurrency exchange, has been severely affected by a security breach that has resulted in the platform blocking all withdrawals.

Exmo found suspicious withdrawal activity on Monday, as large amounts of major currencies such as Bitcoin (BTC) left the platform’s hot wallets, according to a security post dated December 21, Exmo.

Maria Stankevich, head of business development at Exmo, a cryptocurrency exchange, told Cointelegraph that the incident was “not very serious” as the hot portfolios affected accounted for 5% of the total assets held by Oslo Børs. “Let’s confirm that all assets in cold portfolios are safe,” the statement said.

According to the announcement, other affected cryptocurrencies include Ether (ETH), XRP, Tether (USDT), Zcash (ZEC), and Ethereum Classic (ETC). The exchange mentioned relevant cryptocurrencies that were likely involved in the hack and asked global exchanges to block their associated wallets.

Stankevich pointed out that the stock exchange has not yet calculated the size of the losses, and said that Exmo is now focused on tracking the movement of the withdrawn funds.

Exmo launched an investigation and reported the incident to the London police. The company has asked users not to deposit money into Exmo wallets until the issue is resolved. The company said: “We want to assure you that if any user fund is affected by this incident, it will be fully covered by Exmo.”

Earlier in December, Exmo received a temporary registration from the UK Financial Conduct Authority so that it can continue trading for a longer period until 9 July 2021.

Source: CoinTelegraph

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