CoinEx to resume service with new wallet system following $70M hack

Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users more than a week after it suffered a $70 million hack due to jeopardized hot wallet private keys.In previous correspondence with Cointelegraph, the exchange outlined its top priority to build and deploy a new wallet system to facilitate activities for the 211 blockchains and 737 tokens that it served prior to the hacking incident.The most current declaration from the exchange reveals the resumption of deposit and withdrawal services of BTC, ETH, USDT, USDC and other tokens from Sept. 21. CoinEx will resume deposits and withdrawals with 11 cryptocurrencies.CoinEx will upgrade deposit addresses for the noted tokens and will generate new deposit addresses for its users. CoinEx customers were encouraged not to deposit into old addresses on the platform, as this would result in properties being permanently lost. The exchange likewise warned of a possibly big number of pending withdrawals at the resumption of its operations:”We guarantee the brand-new wallet system is stable, and we will slowly resume deposit and withdrawal services for more properties.”The exchange maintains that it has actually implemented a 100% property reserve policy to protect users against possible security dangers. Previous updates following the hacking incident also stated that users assets were not affected and that CoinExs User Asset Security Foundation would cover any monetary losses.CoinEx has since exposed that jeopardized personal keys for a number of its hot wallet addresses enabled hackers to withdraw some $70 million worth of cryptocurrencies. The hot wallets were utilized as momentary storage for user deposits, withdrawals and temporary storage.Blockchain analytics firm Elliptic has linked the incident to North Korean “Lazarus Group” hackers, while the exchange informed Cointelegraph that it was still examining the identity of the wrongdoers. CoinEx launched further details of the properties that were stolen in the event on Sept. 20. The hackers managed to withdraw 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 SOL and 137 million TRON tokens. The hackers handled to withdraw 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 SOL ($2.6 million) and 137 million TRON tokens ($11 million), which were some of the greatest worth tokens taken amongst the 18 cryptocurrencies affected by the hack.Cointelegraph has actually reached out to CoinEx to determine if it will refund users on the occasion that properties were impacted or are impacted in the future by the occasion.

Other Questions People Ask

What measures is CoinEx taking to ensure security after the $70M hack?

Following the $70 million hack, CoinEx is prioritizing the development of a new wallet system to enhance security for its users. The exchange has implemented a 100% asset reserve policy to protect against potential security threats. Additionally, users are advised to avoid depositing into old addresses to prevent permanent loss of their assets. These steps aim to restore user confidence and secure transactions moving forward.

When will CoinEx resume services after the $70M hack?

CoinEx plans to resume deposit and withdrawal services starting September 21, following the $70 million hack incident. The exchange will initially support 11 cryptocurrencies, including BTC, ETH, USDT, and USDC. Users should be aware that new deposit addresses will be generated, and they must not use old addresses to avoid losing their funds. This phased resumption aims to ensure a stable and secure trading environment.

How will the new wallet system impact CoinEx users after the hack?

The new wallet system being implemented by CoinEx is designed to enhance security and stability for users following the $70 million hack. This upgrade will facilitate transactions across 211 blockchains and 737 tokens, ensuring that users can safely deposit and withdraw their assets. CoinEx has assured users that their assets were not affected by the hack and that any potential losses will be covered by its User Asset Security Foundation. This proactive approach aims to rebuild trust among its user base.

What cryptocurrencies will CoinEx support after resuming services post-hack?

After resuming services following the $70 million hack, CoinEx will support deposits and withdrawals for 11 cryptocurrencies, including major tokens like BTC, ETH, USDT, and USDC. Users should be cautious and only use the new deposit addresses provided by CoinEx to avoid any loss of funds. The exchange is committed to gradually restoring services for more assets as the new wallet system stabilizes. This careful approach is part of CoinEx's strategy to ensure user security and confidence.

What should users do if they have pending withdrawals after CoinEx resumes services?

Users with pending withdrawals after CoinEx resumes services should be prepared for a potentially high volume of transactions as operations restart. The exchange has warned that there may be a backlog of withdrawals during this period. It is crucial for users to monitor their accounts closely and follow any instructions provided by CoinEx regarding the new wallet system. Staying informed will help ensure a smooth transition back to normal trading activities.