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CoinEx Set to Resume Services After $54 Million Security Breach

Emphasizing enhanced security measures, the exchange has warned users not to use old deposit addresses as they will no longer work.

BSCN

September 20, 2023

Following a massive security breach that resulted in staggering losses to the tune of $54 million, crypto exchange CoinEx has announced that it will resume deposit and withdrawal services for major cryptocurrencies, including BTC, ETH, USDT, and USDC, starting on September 21, 2023.

The incident was allegedly orchestrated by the North Korean Lazarus group, known for its audacious cyberattacks.

Underscoring the exchange's commitment to enhanced security measures, CoinEx, in an official statement, urged users not to use any old deposit addresses, emphasizing that the old addresses will no longer function and assets sent to them will be irretrievably lost.

In the wake of this breach, CoinEx, having implemented 100% reserves in 2017, is set to further fortify its security infrastructure and risk systems.

Despite the setback, CoinEx has thanked its users for their unwavering support and trust and remains dedicated to delivering improved products and experiences. The crypto world will be closely watching as the exchange works diligently to restore its reputation and security.

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