Bitcoin Exchange CoinEx, Having Found The Reasons For Hacking, Promises To Quickly Restart Withdrawal Transactions

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Bitcoin Exchange CoinEx, Having Found The Reasons For Hacking, Promises To Quickly Restart Withdrawal Transactions

As we previously reported, global cryptocurrency exchange CoinEx was subjected to a hacking attack that resulted in abnormal withdrawals from hot wallets where it temporarily maintains exchange assets.

In just 48 hours after the attack, CoinEx revealed the details of this incident in a new official announcement. CoinEx first identified leaked private keys related to hot wallets as the main cause. The stock exchange also stated that a comprehensive investigation is still ongoing.

In response to the hack, CoinEx created a special team to monitor suspicious addresses and transferred the remaining assets to secure wallets. Despite this rapid intervention, cryptocurrency communities are still worried as withdrawal transactions on the exchange continue to be suspended.

In response to the most pressing concern regarding withdrawal transactions, CoinEx’s official announcement states that the team is currently focused on building and implementing an entirely new and robust wallet system to manage activity within 211 chains and 737 assets, which will require more time. CoinEx advises users to wait patiently for the reactivation of transfer and withdrawal services.

On September 14 at 15:00, CoinEx founder Haipo Yang made his first statement since the incident by issuing a public apology to all affected users on X (formerly Twitter). Reaffirming his commitment to 100% compensation for asset losses, Haipo Yang also promised transparency about the team’s efforts in the past 48 hours and future plans.

Haipo Yang expressed his confidence that this difficult process will be overcome and his commitment to carefully create an entirely new wallet system to safely reopen the withdrawal service. He also acknowledged that the attack was a security alert for CoinEx and promised to allocate more resources to strengthen its security infrastructure in the future.

To all CoinEx users & friends: We deeply regret the recent hack and extend our sincerest apologies to those affected. Your concern and attention have not gone unnoticed.

— Haipo Yang (@yhaiyang) September 14, 2023

The crypto industry has long been faced with numerous illegal attacks and cyber threats against institutions. Many exchanges, regardless of their size, have been targeted in recent years. Many competing platforms have commendably demonstrated blockchain’s collaborative ethos and have actively assisted CoinEx’s remediation efforts regarding this hack.

Critical questions remain regarding the dates for reactivating towing services and implementing security upgrades against future attacks. Bitcoinsystem will continue to monitor updates regarding the CoinEx hack incident and provide timely information to stakeholders.


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