CoinEx to Resume Deposit and Withdrawal Services for Major Cryptocurrencies
If you were affected by the recent hack at cryptocurrency exchange CoinEx, there is good news for you. The exchange has announced that it will be resuming its deposit and withdrawal services for major cryptocurrencies such as Bitcoin, Ether, Tether, and USD Coin from September 21.
In an official update on Wednesday, CoinEx stated that it is currently working on reconstructing and deploying its wallet system in order to resume withdrawals. Additionally, the exchange is upgrading the deposit addresses for all users. It cautioned users against using old deposit addresses as assets sent to them will be permanently lost.
On September 13, CoinEx temporarily suspended its deposit and withdrawal services for added security measures. It assured users that the services would only resume after a thorough review. The exchange also requested patience from users as there may be a delay in processing pending withdrawal requests.
CoinEx has promised to improve its security measures, risk systems, and invest more in the security field following the upgrade.
The Hack That Wiped Millions
On September 12, CoinEx fell victim to a security breach where approximately $53 million was drained from its four hot wallets. The attack was carried out by the North Korean-sponsored Lazarus Group. In an open letter on September 15, CoinEx acknowledged the incident and expressed its commitment to ensuring robust security.
After suffering the breach, CoinEx even offered to negotiate with the attackers. Subsequent reports revealed that around $70 million was stolen from the platform, exceeding the initially reported amount. However, CoinEx assured users that the stolen funds represent only a small portion of its total assets.
In its latest update, CoinEx emphasized its dedication to safeguarding user asset security by implementing 100% reserves.
Hot Take: CoinEx Bounces Back Stronger After Security Breach
CoinEx’s decision to resume deposit and withdrawal services for major cryptocurrencies demonstrates its determination to overcome the recent security breach. By reconstructing and deploying its wallet system, upgrading deposit addresses, and promising further security improvements, CoinEx aims to regain the trust of its users. Although the hack resulted in a substantial loss, CoinEx reassures users that their assets are secure. This incident serves as a reminder for all cryptocurrency exchanges to prioritize robust security measures in an increasingly vulnerable digital landscape.
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