CoinEx Suspends Withdrawals After $27 Million Hack

By
Tana Harina

09/13/2023

4,3

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The cryptocurrency exchange has responded to the hot wallet hack by suspending withdrawals.

Earlier, several blockchain security companies took to X to inform the public about suspicious activity on the CoinEx exchange. A little later, representatives of the exchange confirmed the anomalous activity of hot wallets with a total of $27 million in Ethereum (ETH), Tron (TRON) and Polygon (MATIC) being stolen. However, CoinEx soon reported that the amount of losses was still being identified.

Urgent Notice: Security Incident on CoinEx - Immediate Actions Underway

On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx's exchange assets. Promptly recognizing the gravity of the situation, we…
— CoinEx Global (@coinexcom) September 12, 2023

The exchange team has started addressing the problem and temporarily suspended deposit and withdrawal of funds. CoinEx assured its users that their funds are safe and those affected will receive 100% compensation. After a while, the team published a list of addresses related to the hack and the affected tokens. Among them Ethereum (ETH), Tron (TRON) and Polygon (MATIC), as well as Arbitrum (ARB), Solana (SOL) and others.

It is interesting that just a month earlier, CoinEx boasted about its security system, assuring that security protocols had never been breached.

UPD: SlowMist has revealed that the exchange hack was carried out by North Korean hacker group Lazarus. A total of $55 million in cryptocurrency were stolen.

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