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CoinEx restarts these services post-hack

2min Read

After being hit by a $70 million hack, CoinEx rebounds with renewed security measures and additional features.

CoinEx exchange

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  • CoinEx has announced that customers could regain access to it on 21 September.
  • The platform underwent a comprehensive overhaul of its wallet system.

Hacked cryptocurrency exchange CoinEx is gearing up to resume deposits and withdrawals following a recent cyberattack that saw hackers make off with $70 million in digital assets. The exchange has announced that customers can expect to regain access to these services on Thursday, 21 September, starting at 8:00 UTC.

CoinEx is gradually rolling out the reinstatement of transfers for several cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB], Litecoin [LTC], Dogecoin [DOGE], and Tron [TRX], among others.

As its system returns to full functionality, more assets will be opened up for deposit and withdrawal.

The move comes in the wake of a major security breach that rocked CoinEx. Hackers, reportedly linked to North Korea’s Lazarus Group, successfully targeted the exchange’s hot wallets, siphoning off a substantial sum.

The initial estimate of the heist was around $29 million, but later ballooned to $70 million, based on blockchain security data. These hot wallets were used for temporary storage of user deposits, withdrawals, and temporary holdings.

Road to recovery after $70 million heist

In a bid to bolster security and restore customer confidence, CoinEx has undergone a comprehensive overhaul of its wallet system. This overhaul is crucial to ensuring that customers’ digital assets remain safeguarded from future threats.

However, it also means that users must adopt new deposit addresses for the affected cryptocurrencies.

The exchange issued a warning to customers, emphasizing the importance of switching to these new addresses to avoid any permanent loss of funds. Additionally, the exchange anticipates a potentially significant backlog of pending withdrawals as it resumes its operations.

CoinEx is taking a cautious approach to ensure the stability of its new wallet system before fully services. This step is crucial to guarantee the security of users’ digital assets and prevent any future breaches.

The exchange has implemented a stringent 100% asset reserve policy to protect users from potential security threats.

In the aftermath of the hacking incident, CoinEx reassured users that their assets remained unaffected. It added that the CoinEx User Asset Security Foundation would cover any financial losses incurred.

CoinEx has taken the breach seriously and is collaborating with other platforms to freeze any funds linked to the hackers.

Moreover, the exchange has made a commitment to fully compensate its affected users, aiming to rectify the situation and demonstrate its dedication to customer protection. The exchange aims to rebuild trust with its users and the cryptocurrency community.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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