CoinEx Restarts Deposits and Withdrawals Following Security Breach

CoinEx Resumes Deposits and Withdrawals Following Hack

CoinEx, the crypto exchange that recently suffered a $27.8 million hack, has announced that it will resume deposits and withdrawals for certain crypto assets. The exchange is now focusing on enhancing its security measures.

Restart of Withdrawal and Deposits

Starting from September 21, CoinEx users will be able to deposit and withdraw the following crypto assets: Bitcoin (BTC), Ethereum (ETH), USDT on ERC20 network, USDT on the TRC20 network, Tron (TRX), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), and BNB. The exchange plans to restart deposits and withdrawals for other assets in the near future but requests patience from users as withdrawal requests may take longer than usual.

Users are warned against depositing to old addresses as they will no longer work. CoinEx emphasizes that assets deposited to old addresses will be permanently lost.

Compensation and Positive Response

CoinEx CEO Haipo Yang has assured users that every affected user will be compensated 100% and their assets with CoinEx remain safe. The community has appreciated the exchange’s response to the hack, with one user praising how CoinEx handled the incident.

Security Enhancements

In an effort to regain trust, CoinEx promises to invest more in security infrastructure. However, it remains to be seen if these efforts will be enough to pacify users.

Hack Suspected to be Linked to North Korea’s Lazarus Group

The recent hack on CoinEx is believed to have been carried out by North Korea’s state-sponsored Lazarus Group. This group was also responsible for the Ronin bridge hack last year, and it is estimated that they stole over $700 million in cryptocurrency in 2022 alone.

Hot Take: CoinEx Resumes Deposits and Withdrawals Following Security Breach

CoinEx is bouncing back from a major security breach by resuming deposits and withdrawals for select crypto assets. The exchange has assured users that they will be compensated fully for any losses incurred. CoinEx’s response to the hack has been praised by the community, but only time will tell if their enhanced security measures will be enough to regain trust. Meanwhile, suspicions point to North Korea’s Lazarus Group as the perpetrators of the attack, raising concerns about the extent of their involvement in cryptocurrency-related cybercrimes.