Crypto News – On September 12, Hong Kong-based cryptocurrency exchange CoinEx had a bad moment after learning of a severe security compromise. The information that the hacking attempt cost the corporation $70 million from its hot wallets first surfaced on the X platform.
CoinEx Security Breach: Exchange Recovers Fast Due to Stance After Hack
In less than a week, the exchange team was able to find a solution, and system maintenance and enhancements are currently being made. As these anti-hack procedures are being put in place, CoinEx has restored its status as a leading exchange, displaying its resilience.
All active users were informed about isolating suspect crypto wallet addresses in CoinEx’s initial attack reaction update posted on the X platform. The exchange lost $70 million despite being quick to spot suspicious activity and having a watchful workforce.
CoinEx CEO Personally Apologizes to Users
When CoinEx became aware of the security flaw, it alerted the public and guaranteed that any losses would be fully covered for all impacted users. Even the CEO expressed his regret to the CoinEx customer base in public after the incident.
To find and separate questionable wallet addresses, CoinEx worked with a dozen other cryptocurrency exchanges. The hacking incident is connected to each of these wallets. To protect the remaining assets, the exchange staff moved quickly to temporarily halt the deposit and withdrawal services.
CoinEx Will Continue Operations Gradually
The CoinEx crew responded to a lot of urgent queries from worried users on X following a 72-hour total shutdown on the trading platform. Additionally, CoinEx has politely asked other exchanges for help in blacklisting the suspicious wallet addresses in an effort to show its respect for their cooperation. It was a rare sight to see cooperation and support among members of the crypto business.
CoinEX has outlined its strategy for reopening following the platform’s security and the suspension of all deposits and withdrawals to analyze the issue. Resuming withdrawals for all users is currently the top priority.
The users can anticipate a sizable quantity of pending orders because the system restoration would be gradual, according to another note that was made public. Nevertheless, the exchange is regaining its previous strength because it guaranteed that user assets were not affected during the breach. The exchange’s ability to manage the circumstance and reestablish trust and confidence has received excellent feedback from users.
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