CoinEx Resumes Operations and Compensates Users After $27 Million Hack

CoinEx has resumed operations after a $27 million hack. The cryptocurrency exchange is compensating affected users and enhancing its security measures. Learn more about the incident and the exchange's response.

Posted 7 months ago in Security


A depiction of a secure lock protecting a cryptocurrency wallet

CoinEx, a leading cryptocurrency exchange, has announced that it will resume deposits and withdrawals for certain crypto assets following a $27.8 million hack. Despite the setback, CoinEx is focusing on enhancing its security measures to prevent future incidents.

The exchange informed users that starting from September 21, 08:00 UTC, they will be able to deposit and withdraw Bitcoin (BTC), Ethereum (ETH), USDT on the ERC20 network, USDT on the TRC20 network, Tron (TRX), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), and BNB. CoinEx also assured users that deposits and withdrawals for other assets will be restarted soon.

However, the exchange warned users to avoid depositing to old addresses, as they will no longer be functional. CoinEx explained that assets deposited to old addresses will be irretrievably lost.

Following the hack, CoinEx has received overwhelming support from the crypto community. The CEO of CoinEx, Haipo Yang, assured users that everyone affected by the hack will be fully compensated, and their assets with CoinEx remain secure. This commitment has been well-received by the community, with many praising CoinEx's handling of the incident.

While the exchange takes steps to strengthen its security infrastructure, it remains to be seen if these efforts will restore users' confidence. The hack, which occurred on September 12, resulted in the theft of $27.8 million from CoinEx's hot wallets. It is believed that the hack was perpetrated by North Korea's Lazarus Group, known for its involvement in other high-profile crypto attacks.

To protect your own crypto assets, it is essential to follow proper security measures. Stay updated with the latest developments in wallet security and consider implementing air-gapped crypto wallets for added protection.

Last updated 9/20/2023, 4:51:08 PM

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