May 29, 2024
CoinEx Crypto Exchange Halts Withdrawals Amidst Multi-Million Dollar Hack
Latest Cryptocurrency News

CoinEx Crypto Exchange Halts Withdrawals Amidst Multi-Million Dollar Hack

CoinEx, a cryptocurrency exchange, has stopped allowing withdrawals from its system after an alleged hacker stole tokens valued at millions of dollars from the website.

Coinex reported that it has “detected anomalous withdrawals from several hot wallet addresses used to store CoinEx’s exchange assets” after several cybersecurity companies alerted the public about the issue yesterday on X, formerly known as Twitter.

Initial warnings suggested that the losses in Polygon (MATIC), Tron (TRON), and Ethereum (ETH) may total $27 million.

The actual value of the loss is still being calculated, but CoinEx stated on Tuesday night that it represents “just a very small portion of CoinEx’s total assets.”

Both deposits and withdrawals are currently disabled on the system while the situation is investigated by the platform team.

“We assure all users: your assets are secure and untouched,” the company tweeted. “Affected parties will receive 100% compensation for any loss due to this breach.”

CoinEx has provided many lists of suspicious wallet addresses connected to the hack since admitting the breach. The first three tokens mentioned, as well as Bitcoin (BTC), Arbitrum (ARB), Solana (SOL), and a dozen additional cryptocurrencies, are among the affected tokens.

With an emphasis on Bitcoin Cash (BCH) following the first hard fork of the largest cryptocurrency in the world, CoinEx, a 2017 startup, established itself as a leading cryptocurrency exchange. It began offering futures trading, leveraged trading, options trading, and access to more than 100 token projects in 2020 after a significant expansion.

The business bragged last month that it “has never suffered any security breach thanks to its world-class security infrastructure” in a blog post.

Image: Freepik

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