CoinEx Resumes Crypto Services After $27M Security Breach

CoinEx Resumes Crypto Services After $27M Security Breach

CoinEx, a cryptocurrency exchange recently hit by a massive security breach resulting in the loss of over $27 million in digital assets, is preparing to resume its deposit and withdrawal services. Starting from September 21 at 08:00 UTC, users will be able to access services for popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), among others.

However, the exchange is cautioning its users not to utilize any old deposit addresses they may have saved. A stern warning has been issued, stating that old addresses will no longer function, and any assets sent to them will be irretrievably lost.

The security breach that prompted this suspension of services was attributed to the North Korean Lazarus Group, a notorious hacking organization. This breach was part of a series of cyberattacks aimed at pilfering digital assets, with North Korean hackers reportedly absconding with more than $200 million worth of cryptocurrencies in the course of this year alone.

CoinEx acknowledges that there might be delays in processing withdrawal requests in the coming days as it anticipates a surge in demand. To ensure system stability, the exchange plans to gradually reintroduce additional cryptocurrencies to its deposit and withdrawal services, indicating a phased return to normal operations.

The announcement of CoinEx's service resumption is accompanied by a clear commitment from the company to enhance its services and regain user trust. In the wake of the security breach, CoinEx is redoubling its efforts to fortify its security measures and ensure that such incidents do not recur.

As CoinEx takes steps toward recovery and rebuilding, it serves as a reminder to cryptocurrency exchanges worldwide of the critical importance of robust security measures. The exchange's ordeal underscores the ongoing need for vigilance and proactive security measures to safeguard digital assets in an increasingly sophisticated and perilous cyber landscape.

Back to blog