CoinEx Recovers from Security Breach with Enhanced Security Measures
Cryptocurrency exchange CoinEx is swiftly recovering from a recent security breach that resulted in hackers stealing $70 million by compromising hot wallet private keys. In an official press release on September 20th, CoinEx announced its plans to resume deposits and withdrawals on September 21st. Users will once again have access to assets such as BTC, ETH, TRX, USDC, and various other cryptocurrencies.
Road to Recovery
The security breach occurred on September 12th, causing a loss of $54 million. In response, CoinEx immediately halted all services to assess the damage and strengthen its defenses.
New Wallet System
To prevent future incidents, CoinEx has developed and deployed a new wallet system that supports the 211 blockchains and 737 tokens previously traded on the platform. The exchange assures users of the stability of the new system but urges patience during this transitional phase.
“Safeguarding user assets has always been our top priority at CoinEx, and we have been committed to and implemented 100% reserves to safeguard user asset security since going online in 2017. After this upgrade, we will be further improving our security construction, risk systems, and investing more in the security field.”
It is important for users to note that deposit addresses for listed tokens will be updated and new deposit addresses will be generated. Depositing assets into old addresses may result in permanent loss. Additionally, users should anticipate potential delays due to a high number of pending withdrawals.
Restoring Confidence
CoinEx assured its customers that their assets were unaffected by the breach and any financial losses would be covered by the CoinEx User Asset Security Foundation. The investigation into the identity of the hackers is still ongoing, with blockchain analytics firm Elliptic linking the incident to the North Korean “Lazarus Group.” CoinEx has addressed the hacker directly in an open letter to negotiate the return of the stolen funds.
The Stolen Assets
CoinEx has disclosed details about the stolen assets, which include 231 BTC ($5.7 million), 4,953 ETH ($8 million), and 135,600 Solana tokens ($11 million). These high-value tokens accounted for a total of $24.7 million in stolen assets.
Hot Take: CoinEx Bounces Back with Enhanced Security Measures
CoinEx is making a rapid recovery following a security breach that resulted in a significant loss of funds. With the implementation of a new wallet system and increased security measures, CoinEx aims to restore users’ confidence and protect their investments in the dynamic world of cryptocurrency.
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