Wu said he learned that EXMO announced that due to UK financial sanctions on entities related to the group, it will orderly shut down the platform. As a result of the sanctions, its operations have nearly come to a standstill, and some users’ assets have been frozen; the platform has now stopped new user registrations and deposits. EXMO said that the unrecovered losses caused by the hot wallet theft in 2020, together with assets recently frozen by custodians, banks, and payment institutions, have resulted in a funding shortfall amounting to 29.4% of users’ total liabilities. The platform has already deducted that portion proportionally from the balances of all accounts and issued USDRecover tokens of equivalent value.