Cryptocurrency exchange CoinEx has announced that the hot wallets storing some of its assets have been compromised. CoinEx has not revealed the extent of the loss, but some sources put the figure at around $43 million. Deposit and withdrawal operations have been suspended, but the platform reassures its users that their funds are safe.
CoinEx hack suspends operations
The crypto ecosystem is currently the target of frequent attacks. Just two days after the hack of the X (formerly Twitter) account of Vitalik Buterin, which resulted in the loss of more than $691,000, CoinEx was the latest victim. On September 12, suspicious withdrawals were detected in the platform’s hot wallets, which immediately launched an investigation.
On September 12, 2023, our risk control system detected abnormal withdrawals from several hot wallet addresses used to store CoinEx exchange assets. Aware of the seriousness of the situation, we immediately set up a special investigation team to investigate the matter.
CoinEx
The exchange CoinEx has not yet revealed the extent of the hack. The platform assures us only that the amount stolen represents a small proportion of its total assets. According to CoinEx, the hack was limited to the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) blockchains.
This assessment of the scale of the hack by Coinex is not shared by some observers. Crypto analyst PeckShieldAlert estimates that the hack of CoinEx caused the platform to lose $43 million. The analyst also maintains that the theft of the funds involved 5 blockchains and not 3 as announced by the platform :
- 19 million on ETH;
- 11 million on TRON;
- 6.4 million on BSC;
- 6 million on BTC;
- 295,000 on MATIC.
CoinEx reassures its users
In response to this crisis, CoinEx has suspended all withdrawals and deposits. This measure is temporary and will be reinstated after a full security review.
According to the platform, users have nothing to worry about: their assets are safe, and 100% compensation will be paid in the event of piracy-related losses. The platform also urges its users to show understanding and patience during this difficult period.
It is interesting to note that the CoinEx exchange has provided clear and sincere communication to its users about the hack suffered. CoinEx promises to provide more information as further facts emerge. This provides the advantage of cutting through rumors and instilling confidence in users. However, this incident is yet another reminder that your assets stored on a centralized exchange do not belong to you. It’s always better to keep your assets on a decentralized wallet like D’CENT to keep control of your private keys. Always remember that “Not your keys, not your coins”.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
