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Back to Business for CoinEx After $27 Million Hack

2 mins
Updated by Geraint Price
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In Brief

  • CoinEx to resume deposits and withdrawals for selected crypto assets from September 21, following a $27.8 million wallet hack.
  • The exchange warns users against depositing to old addresses, stating they would permanently lose their assets.
  • The Lazarus Group, allegedly responsible for the CoinEx hack, is believed to have stolen over $700 million in cryptocurrency last year.
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CoinEx has announced it will resume deposits and withdrawals for some crypto assets from Thursday, a week after it lost millions in a wallet hack.

This month was challenging for CoinEx as it suffered from a $27.8 million hack. However, the exchange is now focusing on enhancing security.

Restart of Withdrawal and Deposits

The crypto exchange informed users that it would enable the deposit and withdrawal of the following crypto assets from September 21, 08:00UTC:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • USDT on ERC20 network
  • USDT on the TRC20 network
  • Tron (TRX)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)
  • BNB 

CoinEx mentioned that it would also restart deposits and withdrawals for other assets shortly. In the meantime, it requested that users be patient as withdrawal requests may take longer.

It also warned users against depositing to old addresses as they would no longer work. CoinEx explained that if the users deposited to old addresses, they would permanently lose their assets.

Click here to learn more about air-gapped crypto wallets.

Community Shows Support

BeInCrypto confirmed through CoinEx’s official Telegram channel that no users would lose out as a consequence of the hack. Moreover, Haipo Yang, the CEO of CoinEx, posted on X (Twitter):

“I assure you: every affected user will be compensated 100%. Your assets with CoinEx remain safe. That’s our commitment to all of you.”

The community has appreciated the response from the crypto exchange. An X (Twitter) user wrote:

“CoinEx shows how to handle a negative incident.”

The exchange has promised users that it will enhance security by investing more in security infrastructure. However, only time will tell if these efforts will be enough to pacify users.

On Sept. 12, the CoinEx exchange suffered a hack that drained over $27.8 million from its hot wallets. On-chain sleuths believe North Korea’s Lazarus Group was responsible for the attack.

North Korea’s state-sponsored Lazarus Group was also responsible for the infamous Ronin bridge hack last year. South Korea’s National Intelligence Service (NIS) believes North Korea stole over $700 million in cryptocurrency last year. Around $3.8 billion worth of crypto was stolen in the previous year.

Click here to learn more about 9 crypto wallet security tips to safeguard your assets.

Total crypto stolen through hacks from 2016 to 2022. Source: Chainalysis
Total crypto stolen through hacks from 2016 to 2022. Source: Chainalysis

Do you have anything to say about the CoinEx hack or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | February 2024

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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