Cryptocurrency exchange CoinEx has fallen victim to a massive hack that resulted in the loss of an estimated $53 million worth of Ethereum (ETH), Tron (TRX), and Polygon (MATIC).
The cyber heist has left exchanges and their users reeling as they grapple with the fallout from one of the largest cryptocurrency hacks in recent times. Cryptocurrency enthusiasts were left in disbelief as news of the hack spread like wildfire.
1/ @coinexcom Exploits cost an estimated $53 million, bringing total losses from private key compromises to $377.7 million this year. https://t.co/9IfAfZjvfA
— CertiK Alert (@CertiKAlert) September 13, 2023
CoinEx, known for supporting a wide range of cryptocurrencies, had its security defenses breached and digital assets lost.
According to a report by Chinese journalist Colin Wu and a blockchain analysis company. pec shieldthe exchange’s hot wallet was compromised, leading to the theft of over $53 million.
Stolen assets include Ethereum (ETH), Tron (TRX), and Polygon (MATIC), raising security concerns for even the most established cryptocurrency platforms.
Despite the huge losses, the prices of these cryptocurrencies showed remarkable resilience, with little immediate impact on market values.
TRON has shown a significant rise of more than 5% on the 24-hour chart, and many are confused by the disconnect between the hack and the market reaction.
CoinEx responds quickly to breaches
Once news of the hack spread, CoinEx immediately mitigated further damage.exchange announced As part of wallet maintenance, we have decided to suspend deposit and withdrawal services from 23:18:30 (UTC+8) on September 12th. This measure was essential to prevent further unauthorized access to user funds.
The exchange’s response included moving remaining assets from the compromised hot wallet to a secure cold wallet address. The CoinEx cold wallet currently holds around $89 million in assets, with Ethereum (ETH) and Tether (USDT) making up the majority of their holdings at $51.7 million and his $18.23 million, respectively.
In a message reassuring users, CoinEx emphasized that the security breach did not affect user assets stored in the exchange’s cold wallets. The exchange has promised to cover any financial losses caused by the hack through the CoinEx User Asset Security Foundation.
Alarming trends in the world of cryptocurrencies
The CoinEx hack is just one in a series of recent cyberattacks targeting crypto exchanges and industry figures.
In another incident, Ethereum (ETH) founder Vitalik Buterin was the victim of a SIM swap attack and had his social media accounts hacked. Hackers used Buterin’s compromised Twitter account to promote malicious links and steal over $690,000 from unsuspecting users.
These high-profile incidents highlight the growing sophistication of cybercrime in the cryptocurrency space. This is a stark reminder that the cryptocurrency community needs robust security measures and constant vigilance.
connect the dots
Blockchain researchers was suggested There is a potential link between the CoinEx hack and North Korean state-sponsored threat groups. The attackers behind the CoinEx breach mistakenly associated their address with a previous hack involving OP and his $41 million from Polygon. This connection has led to suspicions that North Korea may be involved in the attack.
In conclusion, the CoinEx hack shocked the crypto world and highlighted the persistent threat posed by cybercriminals.
As exchanges work diligently to restore and strengthen their security measures, the cryptocurrency community must remain vigilant and prioritize security to protect digital assets in an increasingly risky environment.
