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CoinW Exchange Hacked, Suffering $13 Million in Losses

Cryptocurrency exchange CoinW has reportedly fallen victim to a devastating hack, resulting in the loss of a staggering $13 million USD. Cyver Alerts, a prominent blockchain security firm, has revealed that the attack actually took place on the afternoon of October 1, sending shockwaves through the crypto community.

The breach was first detected by Cyver Alerts’ cutting-edge AI system, which identified numerous suspicious transactions involving major cryptocurrencies like Bitcoin, Ethereum, Tether (USDT), and Binance Coin (BNB) on the CoinW exchange. The compromised funds included 2.1 million USD worth of Bitcoin, 346,000 USD worth of Ethereum, 10 million USDT, and 500,000 USD worth of BNB.

The incident has raised a Code Red alert, as the extent of the breach remains uncertain. It is unclear whether the threat originated from external forces, suggesting a system breach, or if it involved internal authorized movements within the exchange.

Cyver Alerts is urging the crypto community to stay updated on the situation and is seeking assistance from experts in the field, including blockchain analytics firms like Chainalysis, TRM Labs, Elliptic, and others.

In response to the breach, CoinW’s Founder and CEO, Deddy Lavid, issued a statement urging affected individuals to contact them on Telegram for private assistance or seek support from their community of white-hat hackers and Web3 researchers at https://t.me/oswarcommunity. Urgent inquiries can be directed to [email protected].

CoinW, according to CoinMarketCap, currently ranks as the 30th largest cryptocurrency exchange in the world by 24-hour spot trading volume, with a total of 682 million USD. Prior to the hack, CoinW’s native token, CWT, did not exhibit significant price fluctuations.

Cyver Alerts has gained prominence as a blockchain security firm that actively warns the crypto community of potential threats. The firm previously issued warnings regarding the hack of CoinEx, which resulted in losses exceeding 54 million USD, the hack of HTX Global (formerly Huobi) causing losses of 7.9 million USD, and the attack on Remitano resulting in losses of 2.7 million USD, all in September.

Additionally, September witnessed the year’s most significant security breach when Mixin Network fell victim to a cyberattack, leading to the theft of 200 million USD in assets due to a “cloud vulnerability.”

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