HomeNEWSCoinEx returns after $78 million hack, to compensate victims

CoinEx returns after $78 million hack, to compensate victims


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Barely a week after suffering a $70 million exploitation, crypto exchange, CoinEx has resumed operations. In a Wednesday blog post, the firm confirmed that its users can now make deposits and withdrawals on its network.

Therefore, from September 21, users will be able to carry out deposits and withdrawals of Bitcoin, Ethereum, USDT, USDC, and other seven assets. Later, the exchange plans to resume these offerings for other assets on its network. According to CoinEx, it has deployed measures to build a new wallet system to facilitate efficient operations for all the 211 blockchain networks and 737 assets that it served before its exploitation.

Moving on, CoinEx also revealed its intention to update deposit addresses for its listed tokens. It advised users against depositing into the old addresses, stressing that such would result in a permanent loss. According to the exchange, new addresses for deposits will soon be generated and updated on the network.

Don’t forget that CoinEx endured the attack on its private hot wallets in the previous week. According to our findings, the hot wallets initially served as temporary storage for deposits and withdrawals from users. The attacker stole different crypto assets worth over $70 million.

According to Blockchain Analytics platform Elliptic, the infamous North Korean “Lazarus Group” perpetuated the attack on CoinEx. The Lazarus Group is best known as a group of hackers allegedly connected to North Korean authorities. Over the years, the group has been linked with scores of attacks on crypto projects. Just recently, the FBI linked it to the hack on Stake, a crypto gambling firm. The attack resulted in the loss of about $40 million.

As for CoinEx, it has been swift and strategic in its response to the crisis. Shortly after the hack, it pledged to unravel the full circumstances behind it and the identities involved. The exchange also mentioned the crypto assets that were lost to the attack. According to CoinEx, they include 231 BTC worth 5.7 million, 4,953 ETH equivalent to $8 million, 135,600 SOL, and 137 million TRON tokens.

As it resumes operations, CoinEx promises to compensate victims of the attack. The exchange said its User Asset Security Foundation will cover any financial losses suffered. It also revealed that it has deployed a 100% asset recovery policy to protect users from future threats.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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