Cryptocurrency exchange CoinEx recently announced that it will be resuming its deposit and withdrawal services for its users after suffering a major hack that resulted in a loss of $70 million due to compromised hot wallet private keys. The exchange has been working diligently to address the issue and prioritize the deployment of a new wallet system to ensure the security of its users’ funds.
In a recent statement, CoinEx confirmed that it will be resuming deposit and withdrawal services for Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and other tokens starting from September 21. As part of the security measures, CoinEx will update the deposit addresses for these tokens and generate new addresses for its users. The exchange has advised its customers to avoid depositing funds into old addresses as it may result in permanent loss of assets.
CoinEx has assured its users that it has implemented a 100% asset reserve policy to protect against potential security threats. Previous updates following the hack stated that users’ assets were not affected and any financial losses would be covered by CoinEx’s User Asset Security Foundation. The exchange is dedicated to ensuring a stable new wallet system that will gradually resume deposit and withdrawal services for additional assets.
The hack on CoinEx was attributed to compromised private keys for some of its hot wallet addresses. These wallets were used for temporary storage of user deposits, withdrawals, and funds. Blockchain analytics firm Elliptic has linked the incident to the North Korean hacker group known as Lazarus Group. However, CoinEx is still conducting investigations to determine the identity of the perpetrators. The exchange recently released detailed information on the assets stolen in the hack.
The hackers managed to withdraw 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 Solana (SOL) ($2.6 million), and 137 million Tron (TRX) tokens ($11 million). These were among the highest-value tokens stolen among the 18 cryptocurrencies impacted by the attack. CoinEx is actively working to recover from the hack and has been in contact with law enforcement agencies.
Cointelegraph has reached out to CoinEx to inquire about the possibility of refunding users whose assets were affected or may be affected in the future as a result of the hack. The exchange is expected to provide updates on any developments regarding compensation for affected users.
In conclusion, CoinEx has taken necessary steps to address the security breach and is set to resume its deposit and withdrawal services. The exchange has prioritized the implementation of a new wallet system to ensure the safety of users’ funds. CoinEx maintains a strong commitment to its users’ asset security and has implemented an asset reserve policy. Investigations are still ongoing to identify the hackers behind the attack, and the exchange is working towards recovering the stolen assets.
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