After suffering a massive hack that resulted in the loss of $70 million, the CoinEx platform is back in business. The exchange has taken significant steps to reinforce the security of its users, in order to prevent future incidents of this magnitude.
CoinEx restores withdrawal and deposit services after brief interruption
One week ago, Coinpri informed you about a massive hacking that affected CoinEx the exchange platform based in Hong Kong.
The hack resulted in losses, estimated at $70 million, which forced the platform to temporarily suspend operations. Nevertheless, CoinEx has decided to meet this challenge with an entirely new approach.
The exchange has resumed deposits and withdrawals of assets since September 21. At the same time, the company unveiled plans to roll out a wholly new wallet system. According to the platform, this initiative aims to facilitate the activities of the 211 blockchains and 737 tokens it supports.
While CoinEx conducts its investigation, the company specializing in blockchain analysis, Elliptic, identified the famous North Korean group, Lazarus as the main suspect of this intrusion.
These hackers succeeded in stealing 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 SOL ($2.6 million), as well as 137 TRX ($11 million). These funds were part of the largest assets among the 18 cryptocurrencies affected by this attack.
Despite the size of these losses, CoinEx pointed out that this amount represents only a tiny fraction of its total assets under management. As a result, the platform to fully reimburse the financial losses incurred. This reimbursement is possible thanks to its User Asset Security Foundation. At the same time, the exchange has implemented a 100% asset reserve policy, to provide maximum protection for its users.
CoinEx takes steps to ensure long-term security
The new wallet system of the exchange should provide a better security. In parallel, all old deposit addresses have been replaced by new ones. The platform urged users to refrain from using them, to avoid permanently losing their assets.
To ensure the stability of this new system, CoinEx has decided to reintroduce its services gradually, starting with certain assets such as Bitcoin, Ethereum, USDT, USDC, Litecoin, as well as others.
While the platform is making determined efforts to restore the trust of its community and heal the wounds inflicted by the attack, the question remains whether this trust will be fully restored. The future will reveal whether these reinforced measures will be up to the potential challenges that may arise.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
