EXMO Exchange Taps Ledger Vault to Help Secure User Assets After 2020 Hack

Cryptocurrency exchange EXMO, which suffered a security breach late last year, has upgraded its platform to boost security for users’ assets.  

  • 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.

See also: DODO DEX Drained of $3.8M in DeFi Exploit

Using Ledger Vault’s “battle-tested” custody tech, the exchange says security will be enhanced for users as well as other benefits.

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