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- CoinEx has announced that customers will be able to access it again on September 21st.
- The platform underwent an extensive overhaul of its wallet system.
Hacked cryptocurrency exchange CoinEx is preparing to resume deposits and withdrawals after a recent cyberattack in which hackers made off with $70 million in digital assets. The exchange has announced that customers are expected to regain access to these services on Thursday, September 21 from 8:00 UTC.
CoinEx is gradually introducing transfer recovery for several cryptocurrencies, including Bitcoin [BTC]Ethereum [ETH]Binance coin [BNB]Litecoin [LTC]Dogecoin [DOGE]and Tron [TRX]among other things.
As the system returns to full functioning, more assets will be opened for deposit and withdrawal.
The move comes in the wake of a major security breach that rocked CoinEx. Hackers, reportedly linked to North Korea’s Lazarus Group, have successfully targeted the exchange’s hot wallets, siphoning off a substantial amount of money.
The initial estimate of the heist was around $29 million, but later increased to $70 million, based on blockchain security data. These hot wallets were used for the temporary storage of user deposits, withdrawals and temporary holdings.
The road to recovery after a $70 million heist
In an effort to increase security and restore customer trust, CoinEx has undergone a comprehensive overhaul of its wallet system. This revision is critical to ensuring that customers’ digital assets remain protected against future threats.
However, it also means that users will have to adopt new deposit addresses for the affected cryptocurrencies.
The exchange warned customers and emphasized the importance of switching to these new addresses to avoid permanent loss of funds. In addition, the exchange expects a potentially significant backlog of pending withdrawals when it resumes operations.
CoinEx is taking a cautious approach to ensure the stability of its new wallet system before it is fully available. This step is crucial to ensure the security of users’ digital assets and prevent future breaches.
The exchange has implemented a strict 100% asset reservation policy to protect users from potential security risks.
In the aftermath of the hacking incident, CoinEx assured users that their assets remained unaffected. It added that the CoinEx User Asset Security Foundation would cover any financial losses.
CoinEx has taken the breach seriously and is working with other platforms to freeze all funds linked to the hackers.
Furthermore, the exchange has committed to fully compensating affected users, with the aim of rectifying the situation and demonstrating its commitment to customer protection. The exchange aims to restore trust among its users and the cryptocurrency community.