CoinEX Exchange Hacked, Stolen Funds Soar to $54 Million USD

On August 12, 2023, according to Cyvers Alerts monitoring, the

CoinEx exchange

was suspected to have been attacked. Approximately $18 million in assets from the exchange's hot wallet were transferred to three suspicious addresses, with the outgoing funds subsequently converted to ETH.

Continuing to monitor the situation closely, including reports from blockchain analysts such as Cyvers Alerts, PeckShieldAlert, MistTrack, ZachXBT, it has been observed that the stolen funds from CoinEx exchange continue to increase.

CoinEx Global has announced that their risk control system detected abnormal transfers from several hot wallet addresses used for storing CoinEx exchange assets on September 12. In response, they promptly formed a special investigation team to conduct a thorough inquiry.

Preliminary assessments indicate that unauthorized transactions involved ETH, TRON, and MATIC. CoinEx is still working to determine the exact amount of losses, but it has been emphasized that the affected funds represent only a small portion of CoinEx's total assets. User assets remain secure and unaffected, with those affected by this attack guaranteed 100% compensation for their losses.

As a precautionary measure to enhance security, both deposit and withdrawal services have been temporarily suspended and will resume once a comprehensive review is completed.

CoinEx has also reported that they have identified and isolated suspicious wallet addresses associated with the hacker's attack. They are actively collaborating with affected crypto projects to devise solutions to address the situation.

On September 13, at 02:41 (UTC), CoinEx Global released the second batch of suspicious wallet addresses related to the hacker attack. CoinEx has stated that they will persist in tracking and identifying these suspicious addresses. They also call upon affected projects and industry colleagues to assist in flagging and freezing these suspect addresses.

According to MistTrack's statistics, as of now, the stolen amount has reached as high as $54 million USD, involving 10 different blockchains and dozens of various assets.

According to WikiBit, CoinEx is an exchange without a license and is considered to have a medium level of risk. WikiBit has developed the Tianyan rating system, which combines information about a trading platform's qualifications, user reputation, and industry influence using advanced algorithms and an intuitive format to assist investors in making informed decisions. According to the Tianyan system, CoinEx has a total score of 4.77, with a risk management score of 0.

In a challenging overall market environment where rug projects and frequent exchange hacks are a concern, it's advisable for users to conduct thorough research before using any exchange. Utilizing platforms like WikiBit to check the qualifications and credentials of an exchange can help users mitigate financial risks. This due diligence is essential for safeguarding your assets and ensuring a safer trading experience.