CoinEx, a cryptocurrency exchange that recently faced a security breach, has announced its plans to reinstate deposit and withdrawal services for its users starting on September 21st. This move comes in conjunction with the exchange’s commitment to completing the reconstruction and deployment of its wallet infrastructure within the specified timeframe.
In the official update provided, CoinEx will resume wallet operations for a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), USDC, Tron (TRX), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), and Binance Coin (BNB). This step is a significant development following the security incident earlier this month, showcasing CoinEx’s dedication to restoring full functionality and ensuring the security of its users’ assets.
CoinEx is making important updates to the deposit addresses linked to the tokens listed on its platform. These updates involve the generation of new deposit addresses, which are intended to enhance user convenience.
To ensure the security of your assets, it’s crucial to take note of these changes. CoinEx strongly advises its customers not to deposit funds into the old addresses that were previously used on the platform. Depositing into these old addresses could result in the irreversible loss of your assets.
Furthermore, as the exchange resumes its operations, users should be aware that there might be a substantial backlog of pending withdrawals. This cautionary note is aimed at providing users with a clear understanding of what to expect during this transitional phase. CoinEx is committed to maintaining the integrity and security of its platform while implementing these necessary updates for a better user experience.
“We ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets.”
CoinEx has been committed to upholding a robust security framework, exemplified by its strict adherence to a 100% asset reserve policy. This policy is designed to provide users with an extra layer of protection against potential security threats. In the wake of the recent coinex hacking incident, the exchange made it a point to reassure its users that their assets remained unaffected. CoinEx established the User Asset Security Foundation to stand ready to cover any potential financial losses that might have occurred.
However, it’s important to note that CoinEx recently disclosed that hackers managed to compromise the private keys associated with specific hot wallet addresses. This breach enabled them to make unauthorized withdrawals totaling approximately $70 million in cryptocurrency value. Hot wallets are temporary repositories utilized for user deposits, withdrawals, and interim storage.
This revelation underscores the challenges faced by cryptocurrency exchanges in maintaining the security of user assets. Despite the breach, CoinEx’s commitment to user protection remains steadfast, and it is actively working to address the aftermath of this incident to ensure a more secure environment for its users.
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