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 digital currency exchange that recently experienced a security breach, has reached out to the hackers in charge of the attack. In an open letter issued 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 comprehend their concerns and frustrations.

The letter likewise 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.

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$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. Nonetheless, 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.

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

Hot Take: CoinEx Extends Olive Branch to Hackers

CoinEx’s decision to participate in dialogue with the hackers in charge of the recent breach showcases their commitment to resolving the problem in a more safe 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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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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