CoinEx Relaunches With New Wallet System
A week ago, the cryptocurrency exchange CoinEx suffered a hot wallet hack. As a result, the hacker managed to withdraw about 70 million dollars.
The exchange's officials said they plan to resume the platform's operation after hot wallets are restored. The developers have built an improved wallet system that supports 211 networks and 737 tokens. From September 21, the exchange will resume work on the deposit and withdrawal of some assets, including Bitcoin, ETH, USDT, USDC and others.
The platform sets up new addresses for its users and recommends them not to deposit funds to the old ones, otherwise they may lose their assets. The developers assured that the new wallet system is working normally, and the resumption of deposit and withdrawal for more assets will be gradual.
To ensure the safety of user funds, the platform has introduced a 100% asset reserve policy.
2/ We've finalized our strategy to resume withdrawals and are set to progressively resume these services within 7 working days. Ensuring 100% asset security remains our top priority before reactivating withdrawal functionalities.
— CoinEx Global (@coinexcom) September 18, 2023
The CoinEx hack allowed attackers to withdraw $70 million from vaults that were used to temporarily store users' funds. These funds include 231 BTC, 4,953 ETH, 135,600 SOL and 137 million TRON. CoinEx is still in the process of identifying the hackers, but many are speculating that hacker group Lazarus Group is behind the incident. The platform has promised to reimburse the losses.
