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- A reported hack resulted in CoinEx losing millions in ETH, MATIC and TRON
- The crypto exchange has not made any official announcement about the incident but has gone under wallet maintenance
Crypto exchange – CoinEx – reportedly fell victim to a hack, with its Ethereum [ETH]TRON [TRX]and Polygon [MATIC] portfolios affected. According to the Chinese reporter – Colin Wu – the stock exchange lost more than $27 million due to the hack. Even PeckShield – a blockchain analytics company – increased the alarm signals about the “suspicious outflow of large amounts” from the exchange’s hot wallet.
Breaking: Crypto exchange CoinEX is suspected of being hacked, and so far its hot wallets of ETH, TRON and Polygon have lost more than $27.8 million. https://t.co/XpOGKKY1Tn
— Wu Blockchain (@WuBlockchain) September 12, 2023
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Furthermore, since the incident surfaced, CoinEx began moving the remaining crypto assets from its hot wallet to its cold wallet. According to Wu, the cold wallet contains $89 million in assets, with ETH and USDT accounting for $51.7 million and $18.23 million respectively.
CoinEx is under maintenance
At the time of writing, CoinEx has not released any official statement regarding a hack or speculation about the reason for the massive outflow. However, it announced to its customers that wallet maintenance is about to start. This will take place from 23:18:30 (UTC+8) on September 12, effectively suspending deposit and withdrawal services.
Furthermore, the hack of over $27 million worth of ETH, MATIC, and TRON does not appear to have had any impact on their prices. According to CoinMarketCap, the coins have shown little to no change in the past hour. Meanwhile, they were all painted green on the 24-hour chart, with TRON showing the highest gains with an increase of over 5%.
Crypto hacks taking over the market?
It is striking that CoinEx is not the only crypto company that has a hack next to its name in the headlines. Several hacks have taken over the market in recent days. This even includes the hack of the X, formerly Twitter, account of Vitalik Buterin – the creator of the second largest crypto, Ethereum [ETH]. During this event, the price of ETH actually dropped.
The incident was noticed after the account announced the launch of ConsenSys’ non-fungible commemorative coins [NFTs]. Additionally, this announcement contained a malicious link, urging users to link it to their wallets in order to mine the NFTs.
This incident resulted in hackers taking home more than $690,000. And it was later confirmed that the hack was the result of a SIM Swap attack. Buterin regained control of his X account after getting his T-mobile account back.