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Cryptocurrency exchange CoinEx is preparing to restart deposits and withdrawals for its users over a week after experiencing a $70 million hack attributed to compromised private keys of its hot wallets.
In earlier communications with Cointelegraph, the exchange emphasized its commitment to developing and implementing a new wallet system to support operations for the 211 blockchains and 737 tokens it managed prior to the hacking event.
The most recent announcement from the exchange confirms the recommencement of deposit and withdrawal services for Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and other tokens starting from Sept. 21.
CoinEx will resume deposits and withdrawals with 11 cryptocurrencies. Source: CoinEx
CoinEx will refresh deposit addresses for the specified tokens and will create new deposit addresses for its users.
Customers of CoinEx have been cautioned against depositing into old addresses on the platform, as this could lead to permanent loss of assets. The exchange also indicated that there may be a significant number of pending withdrawals when operations resume:
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“We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets.”
The exchange asserts that it has adopted a 100% asset reserve policy to protect users from potential security risks. Previous updates following the hacking incident also indicated that users’ assets remained unaffected and that CoinEx’s User Asset Security Foundation would address any financial losses.
CoinEx has disclosed that the compromised private keys for certain hot wallet addresses enabled hackers to withdraw approximately $70 million in cryptocurrencies. These hot wallets served as temporary storage for user deposits and withdrawals.
Blockchain analytics company Elliptic has associated the incident with the North Korean “Lazarus Group” hackers, while the exchange informed Cointelegraph that it is still probing the identities of the culprits. CoinEx provided additional information regarding the stolen assets on Sept. 20.
The hackers extracted 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 Solana (SOL) ($2.6 million), and 137 million Tron (TRX) tokens ($11 million), which represented some of the most valuable tokens taken among the 18 cryptocurrencies impacted by the breach.
Crypto assets stolen from CoinEx. Source: CoinEx
Cointelegraph has contacted CoinEx to determine whether it will reimburse users if their assets were affected or may be affected in the future due to this incident.
