CoinEx rises from the ashes.
After a harrowing week following a $70 million security breach, cryptocurrency exchange CoinEx is back in action.
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CoinEx initially took immediate steps to halt transactions after falling victim to a significant hack that drained around $70 million from its hot wallets.
According to recent information, the crypto exchange had been urgently working on creating a brand-new wallet system designed to accommodate its extensive list of 211 blockchains and 737 tokens. This move is part of the crypto exchange's strategy to prioritize user security and mitigate risks.
In the wake of the attack, customers are strongly advised to avoid making deposits to old addresses. The platform stated that assets sent to previous addresses would be irretrievable. CoinEx also cautioned its customer base that there might be a backlog of withdrawal requests as services are restored.
We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets.
The crypto exchange has provided reassurance by stating that they have enforced a 100% asset reserve policy to secure user assets against future vulnerabilities.
The hack itself led to the loss of several high-value cryptocurrencies, including 231 BTC, 4,953 ETH, 135,600 Solana, and 137 million Tron tokens. Although Elliptic, a blockchain analytics firm, has tentatively linked the hack to North Korea's "Lazarus Group," the platform has noted that the investigation is ongoing to identify the culprits accurately.
In the most recent development, the crypto exchange revealed that it is open for a discussion with a hacker in an attempt to recover stolen funds.
CoinEx's comeback is a substantial development in the wake of one of the year's most significant crypto heists. By resuming operations with enhanced security features, the crypto exchange hopes to regain customer trust and fortify its platforms against future attacks.