untitled design

The CoinEx exchange has decided on a recovery plan after a $70 million hack.

Crypto exchange CoinEx has released a recovery plan after a $70 million hack. September 18 platform published new data on the progress of work on the resumption of operations, writes RBC Crypto.

September 12 CoinEx team reported about the unauthorized outflow of assets from hot wallets, where the exchange temporarily stored its assets. The site temporarily suspended accepting deposits and withdrawals, stopped the hot wallet server and began an investigation. The exchange assured users that their funds were not affected and are safe, and all affected parties will receive 100 percent compensation.

Possible damage from the actions of cybercriminals after the hack was estimated at $55.5 million. On September 15, the platform team reported already about $70 million.

Following the hack, CoinEx withdrew remaining funds from the attacked wallets and identified and froze several addresses associated with the hack. The cause of the incident, according to the site, was the compromise of private keys.

According to the exchange as of September 18, it has successfully completed 50% of the work to restore the wallet system. The platform said it has finalized a strategy for resuming withdrawals and intends to gradually resume these services within 7 business days.

“We are fully aware that our users are experiencing discomfort and uncertainty during this waiting period. However, our top priority remains ensuring the highest level of security for our new wallet system,” the exchange said in a statement.

The platform has drawn attention to the fact that any reports about the resumption of withdrawals from CoinEx are false and may be associated with fraud. The exchange team asked to immediately report such messages to support and not to come into contact with the senders of such messages.

Experts suspected North Korean hackers of the CoinEx hack. According to SlowMist, a number of hacker wallets have been flagged as being involved in recent attacks on crypto payment provider Alphapo (damage amounted to $60 million) and betting platform Stake (losses amounted to $41 million).

Source: Cryptocurrency

You may also like

Most popular