Wu Says learned that EXMO announced it will orderly shut down the platform due to UK financial sanctions imposed on entities related to the company group. Affected by the sanctions, its operations have nearly come to a halt, with some users’ assets frozen; the platform has already stopped new user registrations and deposits. EXMO said the unresolved losses caused by a hot-wallet theft in 2020, combined with assets recently frozen by custodians, banks, and payment institutions, add up to a funding gap equivalent to 29.4% of users’ total liabilities. The platform has deducted that portion from the balances of all accounts according to the proportion and issued USDRecover tokens in the equivalent value.