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September 22, 2023

CoinEx, Resumption of Deposit and Withdrawal Services Following Security Upgrade

Fresh from a recent cyber ordeal, CoinEx, cryptocurrency exchange that found itself in the crosshairs of hackers last week

In a remarkable turn of events, cryptocurrency exchange CoinEx is poised to re-establish its deposit and withdrawal services for major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC), commencing September 21. This announcement comes in the wake of a recent security breach that rocked the exchange. CoinEx, renowned for its resilience and commitment to user security, has been diligently working to bolster its defenses and enhance user experience.

On September 12, CoinEx fell victim to a security breach that saw a substantial amount siphoned from its four hot wallets, resulting in the loss of approximately $53 million in assets and an immediate suspension of withdrawals. The audacious attackers behind this audacious act were identified as the Lazarus Group, a notorious North Korean-sponsored entity.

In response to the security breach, CoinEx did something truly remarkable. On September 15, the exchange openly acknowledged the incident and demonstrated an unwavering commitment to responsibility and security. They even extended an olive branch to the hackers for negotiations, a move that sent ripples through the crypto world. Subsequent reports revealed that the actual amount stolen exceeded initial estimates, reaching around $70 million.

What sets CoinEx apart in this tumultuous crypto landscape is its unyielding dedication to safeguarding user assets. The exchange, in its latest update, reiterated its commitment to implementing 100% reserves, a reassuring measure to ensure the security of user funds.

CoinEx has not rested on its laurels since the unfortunate breach. The exchange has been diligently working to reconstruct and deploy its wallet system, all while upgrading deposit addresses for users. A word of caution - the old deposit addresses will no longer be valid, and assets sent to them will be lost forever.

Acknowledging the potential inconvenience caused to users during this period, CoinEx has urged patience, citing a possible backlog of withdrawal requests. They have assured users that as the new wallet system stabilizes, they will gradually reintroduce deposit and withdrawal services for more assets.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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