CoinEx to Reopen Deposits and Withdrawals Following $70M Hack

• Token deposit addresses on CoinEx will be refreshed and new addresses will be generated.
• The exchange claims it has a 100% asset reserve policy in place to protect its customers.

After more than a week, CoinEx, the cryptocurrency exchange that was the victim of a $70 million attack owing to compromised hot wallet private keys, will once again allow customers to deposit and withdraw. After the attack, the exchange made it clear that a new wallet system for the 211 blockchains and 737 tokens it supported was a top priority.

According to the most recent announcement published by the platform, deposit and withdrawal services for BTC, ETH, USDT, USDC, and other tokens will resume on September 21.

100% Asset Reserve Policy

Moreover, token deposit addresses on CoinEx will be refreshed and new addresses will be generated for users. Customers of CoinEx were warned that funds deposited to obsolete addresses will be lost forever. The exchange has issued a warning that there may be a huge number of withdrawal requests when it resumes operations.

The exchange claims it has a 100% asset reserve policy in place. In order to protect its customers from fraud and other security risks. CoinEx’s User Asset Security Foundation has already promised to reimburse any monetary damages incurred as a result of the hacking event. And subsequent updates have echoed this promise.

Since then, CoinEx has admitted that hackers stole almost $70 million worth of cryptocurrency by using stolen private keys for some of its hot wallet addresses. Deposits, withdrawals, and short-term storage were all handled in these “hot wallets.”

Elliptic, a blockchain analytics company, has attributed the event to the North Korean “Lazarus Group.” While the exchange has said that it is currently examining the matter. 

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