Tuesday, November 28, 2023
HomeCryptocurrencyCoinEX to resume service with new wallet system following $70M hack |...

CoinEX to resume service with new wallet system following $70M hack | Online Money Moves

Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users more than a week after it suffered a $70 million hack due to compromised hot wallet private keys.

In previous correspondence with Cointelegraph, the exchange outlined its priority to build and deploy a new wallet system to facilitate activities for the 211 blockchains and 737 tokens that it served before the hacking incident.

The latest statement from the exchange announces the resumption of deposit and withdrawal services of BTC, ETH, USDT, USDC and other tokens from Sept. 21.

d6015547 0a88 477b b577 29ab6a8570e7
CoinEx will resume deposits and withdrawals with 11 cryptocurrencies.

CoinEx will update deposit addresses for the listed tokens and will generate new deposit addresses for its users.

CoinEx customers were advised not to deposit into old addresses on the platform, as this would result in assets being permanently lost. The exchange also warned of a potentially large number of pending withdrawals at the resumption of its operations:

“We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets.”

The exchange maintains that it has implemented a 100% asset reserve policy to safeguard users against potential security threats. Previous updates following the hacking incident also stated that users assets were not affected and that CoinEx’s User Asset Security Foundation would cover any financial losses.

Cointelegraph has reached out to CoinEx to ascertain if it will refund users in the event that assets were affected or are affected in the future by the event.