- CoinEx has completed a full reconstruction of its wallet system following a $70 million hack.
- The exchange will resume deposit and withdrawal services for select cryptocurrencies.
- Deposit and withdrawal services for BTC, ETH, USDT, USDC, and seven other tokens will resume on September 21st.
CoinEx, the cryptocurrency exchange that recently suffered a $70 million hack due to compromised hot wallet private keys, is preparing to reinstate deposit and withdrawal services for its users. After over a week of intensive efforts to address the security breach, which was reportedly orchestrated by North Korea’s Lazarus Group, CoinEx has undergone a complete reconstruction of its wallet system.
According to reports, CoinEx is prioritizing the creation and deployment of an entirely new wallet system that will support the 211 blockchains and 737 tokens originally served by the platform before the hack occurred.
CoinEx Deposits and Withdrawals to Resume on September 21st
In a recent statement, CoinEx officially announced that deposit and withdrawal services for popular cryptocurrencies such as BTC, ETH, USDT, USDC, and others will resume starting from September 21st. CoinEx is proceeding with caution and responsibility.
🚫🚫 DO NOT use old addresses. 🚫🚫
🚫🚫 Assets sent there will be lost. 🚫🚫
— CoinEx Global (@coinexcom) September 20, 2023
CoinEx will resume these essential services for a total of 11 cryptocurrencies. To enhance security, the exchange will also update deposit addresses for the listed tokens, generating new deposit addresses for its users.
Users should take note that they should not deposit funds into old addresses on the platform, as doing so could result in permanent loss of assets.
The exchange has warned of a potential backlog of pending withdrawals as it resumes full operations. They have emphasized their commitment to ensuring the stability of the new wallet system and their cautious approach to resuming deposit and withdrawal services for additional assets.
CoinEx has maintained a 100% asset reserve policy to protect users against security threats. Previous updates following the hack confirmed that users’ assets were unaffected and that CoinEx’s User Asset Security Foundation was prepared to cover any financial losses that may occur.