CoinEX Crypto Exchange Faces Potential Hacking Incident

Bullion Bite

In a recent turn of events, CoinEX, a prominent cryptocurrency exchange, has found itself in the midst of a potential hacking incident. Reports indicate that their #ETH, #TRON, and #Polygon hot wallets have suffered losses exceeding a staggering $27.8 million.

The suspicious activity came to light when a substantial sum of $27.8 million in various tokens was swiftly transferred from one of CoinEX's hot wallets to an address with no prior transaction history. This anomalous transfer has raised serious concerns among experts, leading them to strongly suspect a coordinated cyberattack.

Confirmation of the alleged breach was swiftly provided by the stock market authorities, solidifying the gravity of the situation. The exploitation of the hot wallets exhibited notable activity on the on-chain front. In a recent statement, the stock market acknowledged the veracity of the attack allegations. Now, the pressing question emerges: What steps should concerned investors take in response to this development?

Upon our initial report, we advised users to consider safeguarding their assets by transferring them to secure addresses, anticipating the potential for a bank run or further malicious activity. CoinEX, in response, has opted to temporarily curtail withdrawal services. However, the exchange has emphasized that the impacted funds constitute only a fraction of the total customer balance.

Official Statement from CoinEX:

                Dear CoinEX Users,

On September 12, 2023, our risk management system detected unusual withdrawals from several hot wallet addresses designated for safeguarding CoinEX user assets. Recognizing the severity of this situation, we promptly assembled a specialized investigative team to delve deeper into the matter.

Preliminary assessments indicate unauthorized transactions involving the $ETH, $TRON, and $MATIC networks. The precise extent of asset loss remains under review, with the affected funds representing a minor fraction of CoinEX's overall holdings.

We assure all users that their CoinEX assets remain secure and unaffected. Those impacted will receive full compensation for any losses incurred as a result of this incident. In the interest of heightened security, deposit and withdrawal services have been temporarily halted and will resume following a thorough review.

We are committed to providing transparency regarding the incident's timeline and a comprehensive report, which we will promptly share with the community.

In these challenging times, we earnestly request your understanding and patience. Your security and trust are our utmost priorities. The entire CoinEX team extends our sincere apologies for any inconvenience that may have arisen and reaffirms our unwavering dedication to safeguarding your assets.


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