Verify a decision

{"actor":"system:backfill","investigation_id":"26bce48e-5acc-4bbb-a451-cca47010ca11","kind":"publish","page_slug":"m2-exchange","published_at":"2026-05-20T04:09:21.219Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"M2 Exchange","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://beincrypto.com/learn/m2-review/"},{"credibility":3,"name":"","type":"other","url":"https://www.adgm.com/media/announcements/virtual-assets-trading-platform-m2-receives-financial-services-permission-from-adgm"},{"credibility":3,"name":"","type":"other","url":"https://www.fintechfutures.com/job-cuts-new-hires/crypto-platform-m2-reshuffles-leadership-with-ex-bitstamp-exec-james-greenwood-named-ceo"},{"credibility":3,"name":"","type":"other","url":"https://skynet.certik.com/projects/m2-exchange"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://cryptoslate.com/uaes-m2-crypto-exchange-hacked-for-13-7m-assures-full-fund-recovery/"},{"credibility":3,"name":"","type":"other","url":"https://www.quillaudits.com/blog/hack-analysis/m2-crypto-exchange-exploit"},{"credibility":3,"name":"","type":"other","url":"https://www.web3isgoinggreat.com/single/m2-hack"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/crypto-exchange-m2-reimburses-victims-after-14m-halloween-hack/"},{"credibility":3,"name":"","type":"other","url":"https://www.cryptopolitan.com/m2-exchange-reports-hack-restores-13-7m-in-eth-sol-and-btc/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.adgm.com/media/announcements/virtual-assets-trading-platform-m2-receives-financial-services-permission-from-adgm"},{"credibility":3,"name":"","type":"other","url":"https://www.adgm.com/media/announcements/m2-secures-adgm-licence-and-plans-rollout-of-fully-regulated-crypto-services-to-uae"},{"credibility":3,"name":"","type":"other","url":"https://www.thenationalnews.com/business/money/2023/10/11/adgm-licensed-m2-crypto-platform-rolls-out-services-for-investors/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://beincrypto.com/learn/m2-review/"},{"credibility":3,"name":"","type":"other","url":"https://www.ccn.com/news/crypto/crypto-exchange-m2-security-breach/"},{"credibility":3,"name":"","type":"other","url":"https://www.quillaudits.com/blog/hack-analysis/m2-crypto-exchange-exploit"},{"credibility":3,"name":"","type":"other","url":"https://skynet.certik.com/projects/m2-exchange"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.quillaudits.com/blog/hack-analysis/m2-crypto-exchange-exploit"},{"credibility":3,"name":"","type":"other","url":"https://cryptoslate.com/uaes-m2-crypto-exchange-hacked-for-13-7m-assures-full-fund-recovery/"},{"credibility":3,"name":"","type":"other","url":"https://www.adgm.com/media/announcements/virtual-assets-trading-platform-m2-receives-financial-services-permission-from-adgm"},{"credibility":3,"name":"","type":"other","url":"https://www.fxleaders.com/news/2024/11/02/crypto-exchange-m2-recovers-13-7-million-after-breach-resolved-in-16-minutes/"}]}],"sources_used":[],"summary":"M2 Exchange is an Abu Dhabi-based centralized cryptocurrency exchange licensed by the ADGM FSRA that suffered a $13.7 million hot wallet breach on October 31, 2024, attributed to an access control vulnerability spanning Bitcoin, Ethereum, and Solana. The exchange claims to have covered all customer losses from company reserves within hours of the incident, though the lack of a public post-mortem and two CEO transitions within eighteen months raise unresolved transparency questions.","timeline":[{"date":"2023-08-16","event":"ADGM FSRA grants M2 Limited and M2 Custody Limited Financial Services Permission to operate an MTF and custody service in Abu Dhabi.","source":""},{"date":"2023-10-01","event":"M2 Exchange publicly launches retail and institutional services, initially offering BTC and ETH trading with AED fiat pairs.","source":""},{"date":"2024-10-15","event":"Stefan Kimmel steps down as CEO and moves to the M2 Board of Directors; Saadeddine Zaher appointed CEO.","source":""},{"date":"2024-10-31","event":"Attacker exploits hot wallet access control vulnerability at approximately 3:16 AM, draining ~$13.7M across Bitcoin, Ethereum, and Solana chains.","source":""},{"date":"2024-10-31","event":"M2 claims the breach was contained within 16 minutes; exchange covers all customer losses from company reserves and states services are restored.","source":""},{"date":"2024-11-01","event":"M2 issues public statement confirming the incident, stating cooperation with UAE legal and regulatory authorities and implementing enhanced security controls.","source":""},{"date":"2024-11-04","event":"On-chain analysts confirm approximately $10 million in ETH remains unmixed in the attacker's consolidation wallet; no attacker identified.","source":""},{"date":"2025-01-01","event":"James Greenwood, former CTOO of Bitstamp, named CEO of M2, marking a second CEO transition within the platform's first fifteen months.","source":""}]},"v":1}