LMEX Stock Exchange

On May 25, 2020, LMEX Stock Exchange, a China-based cryptocurrency platform, was hacked, resulting in the theft of 150,000 USDT (~$150,000), with the largest single theft being 52,000 USDT, as reported in the provided article. Detected at 08:00 UTC, the attack exploited vulnerabilities in the platform’s system, exacerbated by a surge in user logins causing app congestion, likely exposing hot wallets holding all funds, per the article. The breach, coupled with significant recharge and withdrawal demands, led to a system crash and database issues, creating “LB holes.” LMEX, with an unspecified trading volume due to limited data, closed deposits and withdrawals, went offline for five days to repair data, and declared insolvency due to high debt and market panic, per the article. No compensation or recovery plans were announced, and the anonymous team provided no further updates, per the article. The stolen USDT was not traced, and no attacker details emerged, per Twitter (@CryptoNews). One of 208 crypto hacks in 2020 costing $3.7 billion, per Chainalysis, this incident, alongside Bisq’s $250,000 loss, highlighted risks of hot wallet reliance and poor system security, fueling calls for cold storage, multi-signature wallets, and transparent team accountability to secure crypto platforms.