CoinEx Plans to Restore Deposits and Withdrawals for Bitcoin and Ether
CoinEx, a cryptocurrency exchange that suffered a $70 million hack by North Korean hackers, has announced its plans to restore deposits and withdrawals for several tokens, including Bitcoin (BTC) and Ether (ETH). The exchange will implement a new wallet system on September 21, 2023.
Following the security breach, CoinEx decided to generate new deposit addresses for BTC, ETH, USDT, USDC, TRX, LTC, BCH, DOGE, SHIB, and BNB. Users are strongly advised to use only the new wallet addresses for depositing their crypto.
Please DO NOT use any old deposit addresses you may have saved – The old addresses will NO LONGER work and assets sent to them will be permanently lost.
CoinEx’s announcement to users
On September 12, CoinEx alerted users about the security issue that led to the suspension of crypto services. The investigation identified North Korea’s Lazarus group as the likely perpetrator. The hackers targeted CoinEx’s hot wallets, which are more vulnerable to cyberattacks due to their internet connectivity.
Experts from Slow Mist and ZachXBT believe that Lazarus was responsible for the heist. CoinEx attempted to recover the stolen funds by offering a bounty to the hackers but has not provided updates on the progress. Lazarus has previously been linked to other major cryptocurrency hacks.
Hot Take: CoinEx Takes Action Against Hackers
CoinEx is taking steps to restore its platform after falling victim to a significant hacking incident orchestrated by North Korea’s Lazarus group. By implementing a new wallet system and generating new deposit addresses for several cryptocurrencies, including Bitcoin and Ether, CoinEx aims to ensure the security of its users’ funds. The exchange has warned against using old deposit addresses, as assets sent to them will be permanently lost.
The hack serves as a reminder of the importance of robust security measures in the cryptocurrency industry. CoinEx’s efforts to recover the stolen funds and the involvement of authorities such as the FBI demonstrate a commitment to combating cybercrime. However, it remains crucial for individuals and businesses in the crypto space to remain vigilant and take proactive steps to protect their assets from potential threats.
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