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Crypto exchange CoinEx is preparing to resume its services following a recent attack. After suffering a $70 million loss due to the compromise of wallet keywords, the platform will enable deposit and withdrawal transactions for its customers again. The exchange has adopted a 100% reserve policy against security threats, assuring users that there is no loss in user funds and any financial losses will be covered by the User Asset Security Foundation.
CoinEx Resumes Services
According to the latest announcement by CoinEx, services will be available starting from September 21. Customers will be able to deposit and withdraw BTC, ETH, USDT, and other tokens. After the software update, the platform will generate new deposit addresses for the listed tokens.
CoinEx emphasized the importance of paying attention to this issue. Customers who deposit assets to old crypto wallet addresses may incur significant losses. Additionally, a warning was issued regarding pending withdrawal transactions on the platform:
“We ensure the stability of the new wallet system and will gradually continue deposit and withdrawal services for more assets.”
Compensating Customer Losses
The CoinEx team announced the implementation of a 100% reserve policy against potential security threats and claimed that there were no losses in user funds after the hack attack. They also stated that any financial losses would be covered by CoinEx’s User Asset Security Foundation.
The exchange revealed a total loss of $70 million since the attack, along with a series of subsequent attacks. It emphasized that these hot wallets provided liquidity for user transactions. Through these wallets, users were able to deposit and withdraw funds more quickly.
Blockchain analysis firm Elliptic linked the hack attack to the infamous North Korean Lazarus Group hackers, while the exchange continues to trace the perpetrators. CoinEx published a detailed report on the stolen assets in the September 20 incident. The hackers managed to withdraw 231 BTC ($5.7 million), 4,953 ETH ($8 million), 135,600 SOL ($2.6 million), and 137 million TRON ($11 million) from the exchange’s hot wallets. The hackers successfully seized a total of 18 different tokens.
