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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.
Cryptocurrency exchange EXMO, which suffered a security breach late last year, has upgraded its platform to boost security for users' assets.
STORY CONTINUES BELOW
- 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.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
