CoinEX hacked, $29 Million lost

Noah Jones
September 12, 2023

Crypto Exchange CoinEx recently experienced a major security breach from which more than $29 million worth of Ethereum, Polygon, and Tron.

CoinEx, a leading global cryptocurrency exchange, has suffered a major security breach, resulting in estimated losses of $29 million.

The breach was discovered by blockchain analysts, who identified a series of suspicious transactions originating from the exchange’s hot wallets. On Tuesday, the cyber security platform Cyvers reported the breach on X (formerly Twitter) and issued an urgent call for CoinEx to halt all deposits and withdrawals without delay.

Stolen funds totalling approximately $18.12 million in ETH, $8.5 million in TRX, and $291k in MATIC have been reported, based on on-chain data. Cybersecurity experts have identified access control violations, private key leakage, rug pulling, or a potential insider job as potential causes of the hack.

The team assures users that the withdrawn cryptocurrency only accounts for a small portion of the exchange’s total reserves. They guarantee that anyone who experienced losses from this breach will receive full compensation.

Noah is a crypto-journalist born in Miami (Florida), but He currently lives in Adelaide (Australia).
He has over 7 years of experience in crypto trading.

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