Hackers Drain $27.5 Million from CoinEX Exchange
CoinEX, a popular crypto exchange, has suffered a major hack that resulted in a loss of over $27.5 million. According to crypto journalist Colin Wu, the attack targeted the exchange’s hot wallets, affecting Ethereum, Tron, and Polygon tokens. While CoinEX has yet to issue an official statement, blockchain security firms have notified the exchange about the suspected hack. Notably, the firm PeckShield tweeted about the suspicious outflow of funds from CoinEX’s hot wallets. It seems that CoinEX is transferring assets from the affected wallets to a cold wallet address. Currently, CoinEX holds $97.83 million in assets, with the majority stored in the cold wallet. The exchange has disabled withdrawals, citing “wallet maintenance” as the reason.
CoinEX Faces Suspicion Amidst Hack
The hack on CoinEX has raised suspicions within the crypto community. Julian Moreno, the head of research at CryptoQuant, highlighted a suspicious depletion of the exchange’s ETH reserves in recent months. He revealed that a significant amount of ETH has been transferred out of CoinEX, with almost 5,000 ETH gone in a day and 40,000 ETH moved since May. This raises questions about the security of CoinEX’s wallets and the possibility of an inside job. It’s worth noting that this is not the first time CoinEX has been hacked, as the exchange lost all its Bitcoin holdings in a previous attack in 2014.
Hot Take: CoinEX Must Strengthen Security Measures
The latest hack on CoinEX highlights the ongoing security challenges faced by cryptocurrency exchanges. With millions of dollars at stake, it is crucial for exchanges to implement robust security measures to protect user funds. CoinEX’s history of being hacked raises concerns about the exchange’s security practices and protocols. It is essential for CoinEX to investigate the recent exploit thoroughly, determine the vulnerabilities, and take appropriate measures to prevent future breaches. Additionally, the exchange should enhance transparency by providing timely updates and ensuring the safety of user assets. As the crypto industry continues to evolve, exchanges must prioritize security to maintain trust and credibility in the market.
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