Coinex’s Plea to Hackers: Let’s Work Together for a Solution
Coinex, founded by Viabtc founder Haipo Yang in 2017, has reached out to the hackers who stole $54 million in cryptocurrencies. The exchange believes that the hackers might have similar aspirations and wants to initiate a dialogue with them. Coinex has offered a significant bug bounty as a reward if the stolen funds are returned, aiming to resolve the issue in a secure and user-friendly manner.
This approach is not uncommon in the industry, as many projects have tried to communicate directly with attackers after experiencing breaches. In some cases, this has led to successful resolutions, with the attackers being labeled as “White Hat” hackers and returning the stolen assets for a bounty. Coinex emphasized that such hacking incidents damage users’ trust and emphasized that cyberattacks of this magnitude are severe criminal acts that cannot be evaded.
The Challenge of Recovering Stolen Funds
However, recovering the stolen funds may prove difficult if the hackers are linked to the Lazarus Group, a North Korean hacking group. There is evidence suggesting their involvement, as funds were directed to an address previously used in another breach. Unfortunately, there are no known instances of the Lazarus Group returning stolen assets. This poses a significant challenge for Coinex in its pursuit of recovering the stolen funds.
Hot Take: Coinex’s Optimism in the Face of Adversity
Coinex’s willingness to engage with hackers and offer a bug bounty demonstrates their optimistic outlook on finding a constructive resolution. While the chances of recovering the funds from a notorious hacking group like Lazarus are slim, Coinex’s proactive approach sends a strong message about their commitment to their users’ security and trust. By emphasizing the severity of cybercrimes and reaching out to the hackers, Coinex aims to not only recover the stolen assets but also create a safer and more secure environment for all crypto enthusiasts.
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