May 23, 2024
CoinEx faces a potential $27 million loss

Cryptocurrency Exchange CoinEx Faces Potential $27 Million Loss Amidst Security Concerns

On September 12th, the cryptocurrency exchange CoinEx witnessed an unusually large amount of cryptocurrency leaving its platform and being sent to an address with no previous transaction history. This raised concerns among security experts, who suspected a potential hack. According to estimates by blockchain security platform Cyvers Alerts, the losses incurred from this incident are believed to be around $27 million.

Around 1:21 p.m. UTC on the same day, one of CoinEx’s hot wallets, which was already known within the cryptocurrency community, transferred approximately 4,947 ETH, valued at $7.9 million at the time, to an Ethereum account. It’s worth noting that this receiving account had no transaction history before this particular transfer.

Following this initial transaction, the same CoinEx hot wallet initiated several large transfers of various tokens to the same address, including approximately 408,741 DAI stablecoins, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, and numerous other tokens.

The blockchain security firm PeckShield labeled these outflows as suspicious, and Julio Moreno, the head of research at CryptoQuant, remarked on the unusual behavior of the CoinEx wallet, noting that its Ether reserves had been depleted to virtually zero ETH.

CoinEx has not yet issued any public statements regarding this incident.

Image by freepik

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