Tuesday, September 26, 2023

Following the hack, CoinEx users will no longer be able to withdraw funds indefinitely

Important facts:
  • CoinEx CEO reiterated the commitment to compensate users for possible losses.
  • In a statement to the hackers, the company called for the communications to be disclosed.

Cryptocurrency exchange CoinEx is looking for solutions to a critical situation following the hacker attack on September 12th. Withdrawals of funds by users will be suspended indefinitely until the platform developers create a completely new wallet system.

By a statement, CoinEx urged its users to “wait patiently” as the development team works on new security infrastructure. Cryptocurrency deposits and withdrawals on the platform, which were suspended once the outflow of funds was detected, will continue to be disabled until further notice.

CoinEx “is focused on building and deploying an entirely new and robust wallet system to process activities across the 211 chains and 737 assets, which requires more time,” the company statement said.

In the last few hours, CoinEx CEO Haipo Yang issued one public apology Exchange users. In addition, he reiterated the commitment to compensate for all losses caused by the incident and provided details of his company’s plans for the future.

“As the leader of my team, these are our top priorities in the coming days: building a new wallet system and resuming withdrawals.” I assure you that every affected user will be 100% compensated. Your CoinEx assets remain safe. “This is our commitment to all of you.”

Haipo Yang, CEO of CoinEx.

As CriptoNoticias reported, CoinEx posted a list of addresses involved in the theft on its X (formerly Twitter) account. Private researchers working with the exchange on the investigation point to the North Korean hacker group Lazarus as the main culprit in the attack. https://www.criptonoticias.com/seguro-bitcoin/norcorea-lazarus-hackeo-coinex-usd-54millones/

CoinEx wants to communicate with hackers

While the investigation continues, CoinEx is trying to establish a direct communication channel with the perpetrators of the attack. The company invited those responsible to communicate and negotiate “constructively”. To this end, it offers the opportunity to discuss the return of stolen funds and reward them through a “generous reward program” for identifying vulnerabilities.

“The theft of significant assets through cyber attacks is considered a “serious crime” in any country and one cannot escape legal responsibility. “In this incident, they demonstrated their technical expertise and talent and demonstrated their potential to stand out as ethical hackers in the blockchain industry.”

CoinEx’s statement is aimed at the hackers of its platform.

In its message, CoinEx also emphasizes the importance of security in the cryptocurrency industry and plans to significantly improve its infrastructure to avoid similar incidents in the future. Hours after the hack, the platform had called on other companies and cybersecurity experts to ensure a safer and more reliable ecosystem.

Nation World News Desk
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