CoinEx Set to Reopen Deposits and Withdrawals After $57 Million Hack

CoinEx has announced its plans to resume deposit and withdrawal services for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and other cryptocurrencies starting from September 21, 2023, at 08:00 UTC. This announcement comes in the wake of a substantial security breach that saw the exchange lose over $57 million in digital assets, which has been attributed to the North Korean Lazarus Group.

In an official statement released via CoinEx’s official X account, the exchange stated, “CoinEx expects to complete the reconstruction and deployment of the wallet system and resume deposit and withdrawal services for the following cryptos at 8:00 Sep 21, 2023 (UTC).”

The exchange also cautioned its users regarding deposit addresses, saying, “CoinEx will upgrade the deposit addresses for the above assets at 8:00 Sep 21, 2023 (UTC), and generate new deposit addresses for all users. Please DO NOT use any old deposit addresses you may have saved – The old addresses will NO LONGER work, and assets sent to them will be permanently lost. Please be sure to double-check that you are using the new address before depositing.”

CoinEx acknowledged the potential delay in processing withdrawal requests, stating, “Over the next few days, there may be a large number of pending withdrawals, and it may take longer than usual to process all the withdrawal requests, please be patient. We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets. Please pay attention to official announcements for the progress.”

The security breach that led to the loss of $57 million in digital assets was part of a larger pattern of cyber-attacks reportedly linked to the North Korean Lazarus Group. In the span of the year, these hackers are said to have stolen more than $200 million worth of cryptocurrencies.

CoinEx reassured its users of its commitment to security, stating, “Safeguarding user assets has always been our top priority at CoinEx, and we have been committed to and implemented 100% reserves to safeguard user asset security, since going online in 2017. After this upgrade, we will be further improving our security construction, risk systems, and investing more in the security field.”

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like