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CoinEx Update: Exchange Set To Resume Deposits And Withdrawals After Exploit
CoinEx, a cryptocurrency exchange, has announced plans to resume its deposit and withdrawal services. The crypto platform was forced to shut down operations after roughly $70 million worth of cryptocurrencies were drained from its hot wallets a week ago.
On Saturday, September 16, the CoinEx team offered an update on their investigation, which showed that 18 different crypto assets, including BTC, ETH, XRP, and BCH, were stolen from the exchange. The exchange, however, asserted that assets in its cold wallets were not affected by the September 12 attack.
Furthermore, CoinEx revealed that it is working with various blockchain security firms to trace the hackers’ addresses and recover the stolen assets. Interestingly, many security organizations and on-chain investigators have linked the attack to the North Korean hacker group Lazarus Group.
CoinEx To Allow Deposit And Withdrawal Of These Cryptocurrencies
In the latest update published on September 20, CoinEx disclosed its plans to resume deposit and withdrawal services for certain crypto assets on Thursday, September 21. Users will be able to interact with about ten cryptocurrencies, including Bitcoin (BTC), Ether (ETH), USDT (on the ERC20 and TRC20 networks), USDC (on the ERC20 network), Tron (TRX), Binance Coin (BNB), etc.
As per the announcement, CoinEx will resume operations after implementing a new wallet system. During this process, the deposit addresses for certain tokens will be upgraded and new ones will be generated for all users.
However, CoinEx warned users not to deposit into any old wallet addresses, as this could result in the permanent loss of transferred assets. The crypto exchange added:
Please be sure to double-check that you are using the new address before depositing.
After addressing that, CoinEx assured users that it will gradually resume deposits and withdrawals for other cryptocurrencies.
The crypto exchange also asked customers to exercise patience, as there may be many pending withdrawals over the next few days. Hence, processing all withdrawal requests for the available assets may take longer than usual.
Will Users Be Able To Withdraw 100% Funds?
CoinEx has maintained that users’ assets were not lost in this exploit. In the September 16 update, the company said that its User Asset Security Foundation would cover the financial losses from the incident.
Moreover, CoinEx CEO Haipo Yang posted on X (formerly Twitter) two days after the attack, assuring “affected users” of 100% compensation. “Your assets with CoinEx remain safe. That’s our commitment to all of you,” Yang added.
CoinEx claims it has always implemented a 100% reserve policy to ensure user asset protection in the face of security threats. And the crypto exchange promised to improve its security infrastructure and invest more in its risk systems.
CoinEx to resume service with new wallet system following $70M hack
CoinEx has rebuilt its wallet system following a $70 million hack and is set to resume deposit and withdrawals for select cryptocurrencies.
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By The Numbers: How Much Crypto Has Been Lost In The CoinEx Hack So Far
On Tuesday, September 12, centralized crypto exchange CoinEx became the latest victim of a hack. At the time of the reports, over $27 million in crypto had already been carted away by the attackers. However, almost 24 hours later, the reports rolling in suggest that the exchange may have lost double the amounts that were originally reported.
CoinEx Crypto Losses Rise To $55.5 Million
The initial reports for the CoinEx hack showed that the attackers were able to move around $27.8 million from the exchange. But as investigators dig further into the attack, the losses have come up to around $55.5 million in crypto lost so far.
According to a breakdown posted by Wu Blockchain, a platform run by Chinese reported Colin Wu, the losses extended into lesser-known tokens as well. The majority of the losses were from assets such as Ethereum, Bitcoin, and XRP, with assets on the BSC, Polygon, and Kadena blockchain also running into the millions.
The ETH amount drained alone came out to over $18 million, as shown in the breakdown, while over $11 million was stolen in Tron’s TRX token. Other notable transactions include $6 million in XRP, over $6.2 million in BNB, $5.9 million in Bitcoin (BTC), $2.5 million in Solana’s SOL, $1.7 million in Dagger’s XDAG, and $1.12 million in Kadena’s KDA. There was also a little over $440,000 stolen in Bitcoin Cash’s BCH.
At the time of writing, a total of $55,567,468 has been confirmed stolen from the hacking incident from the exchange. The crypto stolen from the crypto exchange was sent to 19 wallet addresses spanning 12 blockchains.
Hack Continues To Unravel
In the aftermath of what has been the largest centralized crypto exchange hack in 2023, CoinEx has promised to compensate all of its affected users in full. The statement which came a couple of hours after the incident was identified told users:
You have our solemn promise that a detailed timeline and comprehensive report about this incident will be shared with the community as swiftly as possible.
For now, users are unable to transact on the crypto exchange as deposits and withdrawals remain unavailable. However, the exchange said in its statement that this was only a temporary measure and that these activities “will resume after a thorough review.”
Over the day, the exchange has also taken to posting the wallet addresses it has identified to be linked to the attack. This is being done in an effort to raise awareness about their activities. “We urge affected projects and fellow industry colleagues to assist in flagging and freezing these questionable addresses,” CoinEx said in an X post.
CoinEx exchange suspected of being hacked as $27M worth of crypto moved
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BREAKING: Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million
In a concerning development, popular crypto exchange CoinEx is believed to have fallen victim to a suspected hack, resulting in significant losses from its Ethereum (ETH), TRON (TRX), and Polygon (MATIC) hot wallets. The incident, which unfolded on Tuesday, has sparked an ongoing investigation into the security breach.
Alarming Depletion Of CoinEx ETH Reserves
According to reports by Colin Wu, a prominent cryptocurrency journalist, CoinEx reportedly lost a staggering 4,946 ETH and 354,762 TRX as part of the ongoing drain from the exchange’s wallets.
The total value of the funds lost surpasses $27.8 million, adding to the growing list of high-profile cryptocurrency exchange breaches. In his latest update, Colin Wu stated:
CoinEX is moving the affected hot wallet assets to the cold wallet address 0xf54…7E5d. CoinEX wallets currently hold $97.83 million in assets, of which $89 million are stored in the cold wallet address 0xf54…7E5d, mainly ETH worth $51.7 million and USDT $18.23 million.
What’s more, In a concerning revelation, Julio Moreno, the Head of Research at CryptoQuant, has shed light on the peculiar behavior surrounding CoinEx’s Ethereum reserves.
The exchange has experienced a staggering depletion of its ETH holdings, with almost 5,000 ETH mysteriously vanishing within a single hour and a total loss of approximately 40,000 ETH since May. As a result, CoinEx’s ETH reserves now stand at virtually zero.
CoinEx, however, has remained silent on the matter, refraining from issuing an official statement regarding the suspected hack.
The depletion of CoinEx’s ETH reserves indicates a potentially grave situation, as it suggests a significant outflow of funds from the exchange. Such a rapid decline in ETH holdings may have severe implications for CoinEx’s liquidity and ability to meet customer withdrawal demands.
CoinEx’s stakeholders and the wider cryptocurrency community will closely watch how the exchange responds to these developments. Complemented by transparent communication, swift and decisive action will be vital in navigating this challenging situation and working towards a resolution.
Featured image from iStock, chart from TradingView.com
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