CoinEx Gears Up to Restore Deposit and Withdrawals After $70 Million Hack

Crypto exchange CoinEx, which suffered a hack earlier this month, announced that it is resuming deposits and withdrawals for its users on September 21st. The platform has outlined its intention to finalize the reconstruction and deployment of its wallet system during this timeframe.

According to the official update, the exchange will resume operations involving wallets for Bitcoin (BTC), Ether (ETH), Tether (USDT), USDC, Tron (TRX), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB) and Binance Coin (BNB).

• CoinEx will carry out an upgrade to the deposit addresses for the crypto assets on September 21. As part of this upgrade, new deposit addresses will be generated for all users.
• CoinEx strongly advises users against utilizing any previously saved old deposit addresses, as these will no longer be functional, and any assets sent to them will be irretrievably lost.
• The platform also reminded users to exercise caution and verify that they are using the newly provided address before making any deposits.
• The exchange has disclosed that in the coming days, a substantial backlog of withdrawal requests is expected, and it may require more time than usual to complete the processing of all withdrawal requests.

“We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets. Please pay attention to official announcements for the progress.”

• CoinEx suffered a $70 million hack after exploiters compromised its hot wallet private keys. It was later reported that North Korea’s notorious state-backed Lazarus Group was behind the attack.
• Meanwhile, CoinEx revealed implementing a 100% asset reserve policy to safeguard users against potential security threats.