Crypto Exchange CoinEx Shuts Down Withdrawals Following Suspected Hack of $27M

Cryp­to exchange CoinEx has sus­pend­ed with­drawals from its plat­form after a sus­pect­ed hack­er drained mil­lions of dol­lars’ worth of tokens from the site.

After sev­er­al cyber­se­cu­ri­ty firms raised the alarm yes­ter­day on X, for­mer­ly known as Twit­ter, Coinex said it had “detect­ed anom­alous with­drawals from sev­er­al hot wal­let address­es used to store CoinEx’s exchange assets.”

Ini­tial alerts indi­cat­ed that the loss­es could amount to $27 mil­lion in Ethereum (ETH), Tron (TRON), and Poly­gon (MATIC).

CoinEx said on Tues­day night that the pre­cise amount of the loss was still being deter­mined, but added that it was “just a very small por­tion of CoinEx’s total asset[s].”

While the platform’s team inves­ti­gates the inci­dent, both with­drawals and deposits have been dis­abled on the platform.

“We assure all users: your assets are secure and untouched,” the com­pa­ny said on X. “Affect­ed par­ties will receive 100% com­pen­sa­tion for any loss due to this breach.”

Since acknowl­edg­ing the breach, CoinEx has shared sev­er­al lists of sus­pect wal­let address­es linked to the hack. Affect­ed tokens include the three ini­tial­ly flagged, as well as Bit­coin (BTC), Arbi­trum (ARB), Solana (SOL), and half a dozen oth­er cryptocurrencies.

What is CoinEx?

Found­ed in 2017, cryp­to exchange CoinEx made its name with a focus on Bit­coin Cash (BCH) after the first hard fork of the world’s largest cryp­tocur­ren­cy. In 2020, a major expan­sion saw it offer futures trad­ing, lever­aged trad­ing, options trad­ing, and access to over 100 token projects.

Last month the com­pa­ny boast­ed in a blog post that it “has nev­er suf­fered any secu­ri­ty breach thanks to its world-class secu­ri­ty infrastructure”.