CoinEx Resumes Deposit and Withdrawal Services Following Hack
CoinEx, a cryptocurrency exchange, has announced that it will be reopening its deposit and withdrawal services. The exchange was forced to halt operations after suffering a hack in which approximately $70 million worth of cryptocurrencies were stolen from its hot wallets.
According to an update provided by CoinEx on September 16, the investigation into the attack revealed that 18 different crypto assets, including BTC, ETH, XRP, and BCH, were stolen. However, the exchange assured users that assets in its cold wallets remained unaffected.
Following the incident, CoinEx has been collaborating with various blockchain security firms to track down the hackers and recover the stolen assets. Many security organizations have linked the attack to the North Korean hacker group Lazarus Group.
CoinEx Allows Deposit and Withdrawal of Select Cryptocurrencies
In a recent update published on September 20, CoinEx disclosed its plans to resume deposit and withdrawal services for certain cryptocurrencies on September 21. Users will be able to interact with around ten cryptocurrencies, including Bitcoin (BTC), Ether (ETH), USDT (on ERC20 and TRC20 networks), USDC (on ERC20 network), Tron (TRX), Binance Coin (BNB), and more.
The exchange will resume operations after implementing a new wallet system. During this process, deposit addresses for certain tokens will be upgraded and new ones will be generated for all users. CoinEx cautioned users not to deposit into old wallet addresses as it could result in permanent asset loss.
While CoinEx assured users that it would gradually resume deposits and withdrawals for other cryptocurrencies, it also requested patience as there may be delays due to a high number of pending withdrawals.
Users’ Funds Safe and 100% Compensation Promised
CoinEx has emphasized that users’ assets were not lost in the hack. The company’s User Asset Security Foundation will cover the financial losses incurred during the incident. CoinEx CEO Haipo Yang took to X (formerly Twitter) to assure affected users of 100% compensation and stated that their assets with CoinEx remain secure.
The exchange has a 100% reserve policy in place to protect user assets against security threats. CoinEx also pledged to enhance its security infrastructure and invest more in risk systems to prevent future attacks.
Hot Take: CoinEx Bounces Back Stronger After Hack
Despite the setback caused by the hack, CoinEx is determined to recover and resume its services. With a focus on user asset protection and compensation, the exchange aims to instill confidence in its customers. By collaborating with security firms and investigating the incident, CoinEx is taking proactive steps to track down the hackers.
The resumption of deposit and withdrawal services for select cryptocurrencies demonstrates CoinEx’s commitment to providing a seamless trading experience. As the exchange improves its security measures, it aims to rebuild trust within the crypto community and emerge stronger from this incident.
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