CoinEx Offers Bug Bounty Reward, Inviting Hackers to Negotiate

CoinEx Offers Bug Bounty Reward, Inviting Hackers to Negotiate

CoinEx Calls for Dialogue with Hackers

CoinEx, a cryptocurrency exchange that recently experienced a security breach, has reached out to the hackers responsible for the attack. In an open letter posted on September 15, CoinEx expressed a desire to negotiate with the hackers and offered a generous bounty reward if they returned the stolen assets. The exchange emphasized that the stolen assets belonged to millions of trusting customers and urged the hackers to understand their concerns and frustrations.

The letter also extended an invitation to work together on improving the security system of CoinEx. This move comes after the North Korean-sponsored Lazarus Group was identified as the hacking group behind the attack.

$70 Million Stolen from CoinEx

In a separate response, CoinEx revealed that the financial damage caused by the hack is estimated to be around $70 million, higher than previously reported. However, the exchange assured users that this amount represents only a small percentage of its total assets. CoinEx did not provide a specific timeline for when services would resume but stated that withdrawals would gradually reopen after undergoing stringent security checks.

“Currently, we focus on upgrading the wallet architecture, calculating losses, and freezing related suspicious addresses by coordinating with industry partners and peer exchanges. Regarding compensation plans for the stolen assets, we are now formulating options. The compensation will be provided per-coin, with details to follow in our official announcements later.”

Hot Take: CoinEx Extends Olive Branch to Hackers

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CoinEx’s decision to engage in dialogue with the hackers responsible for the recent breach showcases their commitment to resolving the issue in a more secure and user-friendly manner. By offering a generous bug bounty and inviting the hackers to contribute to their security system upgrade, CoinEx hopes to recover the stolen assets and prevent future attacks. This proactive approach demonstrates the exchange’s determination to protect its customers and restore trust in their platform.

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CoinEx Offers Bug Bounty Reward, Inviting Hackers to Negotiate
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