CoinEx Prepares to Reopen Deposits and Withdrawals Post $70 Million Hack

CoinEx Prepares to Reopen Deposits and Withdrawals Post $70 Million Hack

CoinEx, the cryptocurrency exchange that recently fell victim to a substantial hack amounting to $70 million, is gearing up to restore its deposit and withdrawal services. The exchange has taken significant steps to enhance security, including implementing a 100% reserve policy to protect user assets.

On September 21st, CoinEx is set to resume these critical operations, marking a significant milestone in its recovery efforts. The platform's primary focus during this period is to finalize the reconstruction and deployment of its wallet system.

Upon resuming operations, CoinEx will support wallets for a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USDC, Tron (TRX), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), and Binance Coin (BNB).

One key aspect of the reopening involves an upgrade to the deposit addresses for these cryptocurrencies. New deposit addresses will be generated for all users as part of this security enhancement. CoinEx is strongly advising users not to rely on any previously saved old deposit addresses, as they will no longer be functional. Any assets sent to these old addresses will be permanently lost.

The exchange emphasizes the importance of user vigilance, urging individuals to verify that they are using the newly provided addresses before initiating any deposits. This precaution is vital to prevent any inadvertent loss of assets during the transition.

Given the anticipated high demand for withdrawals, CoinEx foresees potential delays in processing withdrawal requests in the upcoming days. Users are encouraged to stay informed through official announcements regarding the progress of the restoration process.

CoinEx's unfortunate encounter with a $70 million hack was a result of exploiters compromising its hot wallet private keys. Subsequent investigations pointed to the involvement of North Korea's state-backed Lazarus Group in the attack, highlighting the sophistication and persistence of cyber threats in the cryptocurrency space.

In response to these challenges, CoinEx has taken proactive measures, including the implementation of a 100% asset reserve policy, to fortify user protection against potential security threats. As the exchange embarks on the journey to rebuild and regain user trust, the industry at large is reminded of the critical importance of robust security practices in safeguarding digital assets.

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