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.