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CoinEx Seeks Communication with Lazarus Group Hackers, Proposes Reward for Recovery of Stolen Assets
Cryptocurrency exchange CoinEx, which recently experienced a security incident, has adopted an unusual strategy to recover the misappropriated assets. In a notable decision, CoinEx has reached out to the infamous Lazarus Group, linked to North Korean sponsorship and identified as the attackers, to initiate discussions and negotiations. CoinEx has also pledged a significant bounty for the return of the stolen assets.
The open letter, dated September 15, reflects on the insights gained from the breach, highlighting the necessity of strong asset security on the platform. The letter is specifically directed at the hackers, emphasizing that the stolen assets symbolize the trust of millions of users who depend on the cryptocurrency exchange.
“We hope you acknowledge the repercussions of this incident on each of those users. We would be grateful if you could comprehend the worries and frustrations of these impacted users. We earnestly invite you to collaborate with us to resolve this matter securely, more reasonably, and in a more user-friendly manner.”
CoinEx’s distinctive approach also encompasses offering a “generous bug bounty” to the hackers as an incentive for returning the stolen assets. The company has pledged to improve its security framework and has invited the attackers to participate in future enhancements of the security system.
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The breach, which took place on September 12, resulted in attackers siphoning off approximately $55 million from CoinEx’s hot wallets, according to blockchain security firm SlowMist. The incident led CoinEx to temporarily halt all deposits and withdrawals while investigations were conducted.
Further inquiries have indicated that the total financial impact is estimated to be around $70 million, exceeding initial reports. Nonetheless, CoinEx has reassured its users that this amount constitutes a minor fraction of its overall assets.
While the cryptocurrency exchange has not specified a timeline for the restoration of services, it has suggested that withdrawals will gradually resume following thorough security assessments. CoinEx is actively engaged in upgrading its wallet architecture and is freezing suspicious addresses in collaboration with industry partners and peer exchanges.
In terms of compensation for affected users, CoinEx is currently developing options and has committed to reimbursing stolen assets on a per-coin basis, with further details to be disclosed in official announcements in due time. This distinctive strategy by CoinEx underscores its dedication to the security of its platform and the welfare of its user community.
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