Expert Commentary On Crypto Exchange EXMO Hacked

In response to reports that British cryptocurrency exchange EXMO has disclosed that unknown attackers withdrew almost 5% of its total assets after compromising its hot wallets, cybersecurity experts at Cerberus Sentinel and Clear Skies offer perspective.

Experts Comments

December 22, 2020
Brad Mackenzie
CEO
Clear Skies

A best practice is not to store and hold large amounts of funds in hot wallets on exchanges but rather transfer to either a cold hardware wallet (that has appropriate recovery codes set and stored securely) or to a standard bank account as the case may be on completion of the exchange transaction. This seeks to reduce personal exposure and loss in case of an exchange compromise.

December 22, 2020
Chris Clements
VP
Cerberus Sentinel

A best practice is not to store and hold large amounts of funds in hot wallets on exchanges but rather transfer to either a cold hardware wallet (that has appropriate recovery codes set and stored securely) or to a standard bank account as the case may be on completion of the exchange transaction. This seeks to reduce personal exposure and loss in case of an exchange compromise.

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