CoinEx Halts Transactions After $54 Million Cryptocurrency Theft Due to Security Breach.
CoinEx, a cryptocurrency exchange, recently experienced a hacking incident resulting in the loss of over $54 million worth of assets. Although the breach is awaiting official confirmation, it appears that assets stored in Ethereum (ETH), TRON, and Polygon wallets may have been compromised.
Crypto commentator Colin Wu, using the platform X (formerly Twitter), drew attention to potential vulnerabilities in CoinEx’s hot wallets. Wu pointed out that assets, particularly ETH, TRON, and Polygon, may have been affected, with an estimated combined loss of $27.8 million.
In response to the breach, CoinEx reportedly took swift action by transferring the impacted assets to a cold wallet address, enhancing security measures.
Breaking: The crypto exchange CoinEX is suspected of being hacked, and so far its ETH, TRON, and Polygon hot wallets have lost more than $27.8 million. https://t.co/XpOGKKY1Tn
— Wu Blockchain (@WuBlockchain) September 12, 2023
Crypto Exchange CoinEx Hit by $54 Million Hack, ETH, TRON, and Polygon Affected
A cold wallet, identified by the address (0xf54…7E5d), currently safeguards a substantial amount totaling $89 million. Notably, a significant portion of these funds is allocated to Ethereum (ETH), amounting to $51.7 million, along with $18.23 million in USD.
While CoinEx has maintained a silent stance regarding the incident, experts within the crypto community strongly emphasize the need for reinforcing security protocols as a proactive measure to prevent potential future breaches.
In a subsequent report, Colin Wu confirmed that the losses stemming from the hack have escalated to $54 million, encompassing various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP, among others.
The amount stolen from the CoinEx crypto exchange has risen to $54 million, according to SlowMist. CoinEx stated that it has suspended deposits and withdrawals and will fully compensate all users. https://t.co/hkBTQvbDSl pic.twitter.com/626xfOYyyd
— Wu Blockchain (@WuBlockchain) September 13, 2023
CoinEx Halts Deposits and Withdrawals After $54 Million Cryptocurrency Hack
CoinEx, a cryptocurrency exchange, has temporarily suspended deposits and withdrawals following a major security breach that led to the theft of over $54 million worth of cryptocurrencies. The attack targeted the exchange’s “hot wallets,” which are digital wallets connected to the internet. CoinEx has vowed to compensate affected users and is conducting a thorough investigation into the incident.
Security experts advise crypto users to safeguard their digital assets by using secure hardware wallets like Ledger, which store private keys offline and are less vulnerable to online threats.
The stolen cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Polygon (MATIC), and Tron (TRX). Despite this setback, CoinEx remains committed to its growth plans, even as it faces legal challenges, such as business registration violations in New York.
This incident adds to a series of recent security breaches and hacks in the crypto community, highlighting the need for enhanced security measures and vigilance among users.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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