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CoinEx exchange under investigation for potential hacking after $27 million in cryptocurrency transferred.
On September 12, the cryptocurrency exchange CoinEx witnessed unusually high outflows to an address that had no previous activity, prompting security analysts to suspect a potential hack. The blockchain security firm Cyvers Alerts has estimated the losses to be around $27 million.
Red CodeOur AI-driven model identified suspicious transactions associated with @coinexcom 2 hours ago
The possibly misappropriated funds total $18.12M in #Eth, $8.5M in #Tron, and $291K in #Polygon
Possible reasons: access control breaches, private key exposure, rug pulls, insider involvement https://t.co/Wzw84azM9M pic.twitter.com/2bqHmE18Sr— Cyvers Alerts (@CyversAlerts) September 12, 2023
At around 1:21 p.m. UTC on September 12, a recognized CoinEx hot wallet sent approximately 4,947 Ether (ETH), valued at $7.9 million at that time, to Ethereum address 0x8bf8cd7F001D0584F98F53a3d82eD0bA498cC3dE. The recipient address had no prior transactions before this event.
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Following this transaction, the CoinEx hot wallet started transferring significant quantities of tokens to the same address. About 408,741 DAI stablecoins, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, along with various other tokens were sent from the wallet.
The blockchain security company PeckShield flagged the outflow as “suspicious.” Julio Moreno, head of research at CryptoQuant, also noted that the activity of the CoinEx wallet was “unusual” as Ether reserves “are now essentially zero ETH.”
As of the time of publication, CoinEx has not issued a public comment regarding the incident.
This is an evolving story, and additional details will be provided as they emerge.
