Cryptocurrency Exchange CoinEx to Resume Services, Bolsters Security After $70 Million Hack
Summary:
After suffering a $70 million hack due to compromised hot wallet keys, CoinEx is set to reinstate deposit and withdrawal services for its users. Starting from Sept. 21, CoinEx will gradually reintroduce services for an array of tokens, adjusting deposit addresses and creating new ones. Customers have been warned about the risk associated with depositing into old addresses. CoinEx has also implemented a 100% asset reserve policy to protect users against potential security threats. Further details on the exchange's future plans are awaiting confirmation.
Following a recent $70 million hack, CoinEx, the cryptocurrency exchange, is preparing to recommence withdrawals and deposits for its clientele. Over a week ago, the company's hot wallet private keys were compromised. CoinEx communicated to Cointelegraph about its plans to construct and implement a fresh wallet system to accommodate transactions for its 737 tokens and 211 blockchains that were operational before the hack. The exchange has stated that services for deposits and withdrawals of various tokens, like BTC, ETH, USDT, USDC, among others, will resume from Sept. 21. A total of 11 cryptocurrencies will be accepted for deposits and withdrawals on CoinEx. It will also generate new addresses for deposits and revise deposit addresses for the mentioned tokens. Customers have been cautioned against making deposits into previous addresses on the platform, as this action would lead to permanent asset loss. CoinEx also forewarns of a potential surge in withdrawal requests once operations resume. The company assures customers "We will gradually reintroduce services for deposits and withdrawals of more assets" once stability of the new wallet system is ensured. To protect its users against potential security risks, CoinEx has instituted a 100% asset reserve policy. Previous communications after the hacking incident confirmed unaffected user assets and financial coverage of any losses by CoinEx's User Asset Security Foundation. Cointelegraph is yet to receive confirmation from CoinEx on whether it will compensate users if any assets were or are affected in the future due to the hacking incident.
Published At
9/20/2023 12:25:47 PM
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