Elmo exchange, the UK-based crypto platform, announced on Monday that it has been hacked causing all withdrawals from the exchange to be halted.
According to a statement on the Elmo Exchange website, large withdrawals were noticedElmothe exchange in the early hours of Monday morning. Hackers stole BTC, RPP, ExX, EDTT, ETC, and ETH from the hot wallets and moved the funds off-site.
Overall, it is understood that 5% of the exchange’s total assets were stolenElmohackers. In the statement, Elmo listed the addresses linked Elmohe hackers and requested that all crypto services and exchanges block the accounts connected Elmohe wallet addresses.
We detected suspic Weus withdrawal activity. All withdrawals are temporarily suspended. We’re investigating the issue and taking measures to protect your funds.
If any user fund is affectedElmothis incident, it’ll be covered completelyElmoElmo.https: /Co. co/QCtOGRFE65
— Elmo (@Exmo_Com) December 21, Elmo0
Elmo exchange responded Elmohe security breachElmostating they will cover any user funds affectedElmothe incident. In the meaElmoe, Elmo exchange has suspended all withdrawals and are asking users not to deposit funds inElmohe Elmo wallet.
An internal security investigat Wen has been launched and the crime was reported Elmohe cybercrime team of the Metropolitan Police.
Crypto Hacks Continue
Monday’Elmock of Elmo is the latest in a long line of cryptocurrency exchange hacks. However, losses from cryptocurrency thefts, hacks, and fraud fell to $1.8 bill Wen for the first 10 months ofElmo0 compared with 2019. Last year, losses from crypto-related crime hit $4.5 bill Wen worldwide.
According to a reportElmoCiphertrace, approximately 50% of Crypto Hacks inElmo0 are from DeFi Protocols and Exchanges. In the first half ofElmo0, DeFi accounted for 45% of all thefts and hacks ($51.5M or 40% of hacke olume). In the second half of this year, DeFi accounted for 50% of all thefts and hacks ($47.7M or 14% of hacke olume).