Exmo Suffers DDoS Attack, Hacked Just Two Months Ago

EXMO said that its platform had suffered a DDoS attack that attempted to paralyze its system with a flood of Internet traffic.

February 16, 2021 | AtoZ Markets – Exmo, a cryptocurrency exchange based in London, UK, was hit by a DDoS attack (distributed denial of service attack), and the exchange’s servers became unavailable.

Exmo crypto exchange suffers the second attack

In a tweet on Monday, Exmo reported that hackers had targeted the exchange with $75 million in trading volume in a distributed denial-of-service, or DDoS, attack. These cyberattacks typically overload a system with numerous requests from multiple virus-infected servers.

As a reminder, this hack was preceded by another incident, on December 24, in which the hackers earned 5% of EXMO’s assets from its ‘hot’ wallets. The exchange confirmed shortly afterward that the equivalent of about $4 million in customer cryptocurrency was stolen.

According to data from the coin market cap, Exmo’s trading volume is declining. It has decreased by 4.9% in the last 24 hours.

Hackers Cash in on Bitcoin Rally

There is currently no evidence pointing to exactly who is responsible for both attacks and no proof that they are connected. However, both cyber incidents came at a time when the bitcoin price hit record highs, possibly triggering efforts on the part of cybercriminals to cash in on the higher value of the stolen assets.

DDoS attacks are fairly common in the crypto markets, where malicious attackers attempt to disrupt the trading service by overwhelming the servers with a flood of unwanted traffic. However, DDoS attacks are a bit less scary than hacks that cause clients to lose funds.

EXMO was founded in 2013 and is headquartered in London. As Britain edged closer toward an exit from the EU, the cryptocurrency exchange operator had chosen to expand into new European bases as part of a contingency plan to continue to have access to the bloc post-Brexit.

With a recent presence in Turkey, the Istanbul facility was the start-up’s fourth office outside the UK together with its Kiev, Barcelona and Moscow branches.

While it is not moving resources away from the UK, EXMO’s expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of Brexit.

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