CoinEx Resumes Limited Withdrawals After $70M Hack

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Key Takeaways : 

  • CoinEx is set to resume deposit and withdrawal services for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC)  starting Sept. 21. 
  • CoinEx advised its customers against depositing funds into old addresses

Following a devastating $70 million hack stemming from compromised hot wallet private keys, cryptocurrency exchange CoinEx is on the brink of resuming deposit and withdrawal services for its users. 

The exchange had previously expressed its commitment to creating a new wallet system capable of supporting its extensive array of 211 blockchains and 737 tokens, all of which were impacted by the hack. The company anticipates that the revamped wallet system will be operational on Thursday, September 21.

CoinEx is also in the process of updating deposit addresses for select assets, including bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), shiba inu (SHIB), and Binance coin (BNB).

In an official announcement dated September 20, CoinEx disclosed the resumption of deposit and withdrawal services, albeit for a limited set of cryptocurrencies. These include BTC, ETH, USDT (ERC20), USDT (TRC20), USDC (ERC20), TRX, LTC, BCH, BNB, DOGE, and SHIB.

The blog post emphasized that users must exclusively use the new deposit addresses, as “the old addresses will NO LONGER work, and assets sent to them will be permanently lost.

This development follows a significant security breach that led to CoinEx losing over $27 million in digital assets to an attack linked to the North Korean Lazarus Group. The hack was part of a broader series of cyber-attacks aimed at siphoning off digital assets, with North Korean hackers reportedly absconding with more than $200 million worth of cryptocurrencies this year.

CoinEx has announced plans to update deposit addresses for the tokens listed on its platform, creating fresh deposit addresses for its users. In a cautionary note, 

Furthermore, the exchange cautioned users about the potential backlog of pending withdrawals when it resumes operations. In a tweet posted on X on Monday, CoinEx stated, 

Coinex Resumes Limited Withdrawals After $70M Hack

We have finalized our strategy for resuming withdrawals and are prepared to gradually reinstate these services over the course of 7 working days. Safeguarding the security of 100% of assets remains our utmost priority before reactivating withdrawal capabilities.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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