Cryptocurrency exchange CoinEx is poised to reinstate deposit and withdrawal services to its user base after enduring a tumultuous week, during which it grappled with the aftermath of a substantial $70 million hack, attributed to compromised hot wallet private keys.
Having already articulated its steadfast commitment to reconstructing and deploying a robust wallet system, capable of accommodating the myriad of 211 blockchains and 737 tokens it had previously supported prior to the security breach, CoinEx now signals its return to normalcy.
The most recent communication from the exchange heralds the imminent restoration of deposit and withdrawal services for a select list of digital assets, including Bitcoin, Ether, Tether, USD Coin, and various other tokens, commencing from 21 September.
– Bitcoin (BTC)
– Ether (ETH)
– Tether (USDT[ERC20] & [TRC20])
– USD Coin (USDC [ERC20])
– Tron (TRX)
– Litecoin (LTC)
– Bitcoin Cash (BCH)
– Binance Coin (BNB)
– Dogecoin (DOGE)
– Shiba Inu Coin (SHIB)
Crucially, CoinEx will furnish its users with updated deposit addresses for the aforementioned tokens and will generate fresh addresses to ensure the security of user funds.
The exchange stated:
“Given the anticipated increase in withdrawal requests in the upcoming days, there might be some delays in processing. As we ascertain system stability, we’ll progressively reintroduce more assets to our deposit & withdrawal services. Please stay tuned for our official updates.”
An essential caveat accompanies this announcement: CoinEx users are strongly advised against depositing assets into old addresses on the platform, as doing so could lead to irrevocable asset loss.
Furthermore, the exchange forewarns its user base of the likelihood of encountering a substantial backlog of pending withdrawals as its operations regain full momentum.
CoinEx remains resolute in its commitment to user security, emphasising the implementation of a comprehensive 100% asset reserve policy designed to shield its clientele from potential security threats.
In the wake of the recent hacking incident, CoinEx promptly reassured users that their assets remained unaffected, underlining its User Asset Security Foundation’s dedication to covering any financial losses incurred.
Further insights have since emerged, shedding light on the breach’s mechanics: the compromise of certain private keys associated with hot wallet addresses allowed malicious actors to effectuate withdrawals totaling approximately $70 million in cryptocurrencies.
These hot wallets served as crucial conduits for managing user deposits, withdrawals, and temporary storage.
Intriguingly, blockchain analytics firm Elliptic has established a connection between this incident and the North Korean “Lazarus Group” hackers.
Meanwhile, CoinEx continues to delve into the identity of the individuals behind the breach, underscoring the ongoing investigative efforts to bring the perpetrators to justice.
As the story unfolds, CoinEx has chosen to disclose additional details surrounding the stolen assets, a development that holds substantial implications.
The hackers managed to withdraw 231 BTC (equivalent to $5.7 million), 4,953 ETH (valued at $8 million), 135,600 Solana tokens (representing $2.6 million), and a staggering 137 million Tron tokens (equating to $11 million).
These tokens, among the 18 cryptocurrencies affected by the breach, stood as some of the highest-value assets seized.