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EXMO Exchange Taps Ledger Vault to Help Secure User Assets After 2020 Hack
Using Ledger Vault's "battle-tested" custody tech, the exchange says security will be enhanced for users as well as other benefits.
Updated May 9, 2023, 3:16 a.m. Published Mar 9, 2021, 3:10 p.m.
Cryptocurrency exchange EXMO, which suffered a security breach late last year, has upgraded its platform to boost security for users' assets.
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- The U.K.-based exchange said Tuesday it has upgraded to incorporate infrastructure from Ledger Vault, a move it says will mean a "more sophisticated" custody system, increased stability and faster withdrawals.
- “Ledger Vault has its protocols battle-tested all the time. So we believe that with this solution our security needs will be best addressed,” said Sergey Zhdanov, chief operating officer at EXMO.
- The December hack saw an estimated $4 million in cryptocurrency stolen and moved through the Poloniex exchange, EXMO said soon after the event.
- The platform has since appointed "entrusted operators" to manage transfers to and from cold storage, and has also passed the System and Organization Controls (SOC) 2 Type 1 examination, a security and privacy audit.
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