CoinEx, a cryptocurrency exchange, recently faced a significant security breach. In response, the company has taken a proactive step by opening a channel of communication with the responsible party, the hacker. This marks a noteworthy attempt to resolve the situation amicably. Furthermore, as a gesture of goodwill, CoinEx has promised a substantial bounty reward if the stolen assets are returned.
The breach has been attributed to the infamous Lazarus Group, a North Korean-sponsored cybercriminal organization known for its involvement in various high-profile cyberattacks. In this case, they have been identified as the culprits behind the attack on CoinEx, adding another layer of complexity to the situation.
In a remarkable open letter dated September 15th, CoinEx bravely confronted the recent hack incident, recognizing it as a pivotal moment in the company’s history. This incident has served as a catalyst, significantly heightening the team’s awareness of the absolute necessity to fortify asset security across their platform.
The letter, directly addressed to the individuals responsible for the attack, earnestly appealed for dialogue and negotiation. It underscored the fact that the stolen assets weren’t just numbers but embodied the trust of millions of customers who rely on this cryptocurrency exchange. The letter expressed:
“We hope you recognize the impact of this event on each one of those users. We would appreciate it if you understand the concerns and frustrations of these affected users. We sincerely invite you to work with us to resolve this issue in a securer, more reasonable, and more user-friendly manner.”
In a laudable gesture, CoinEx also put forward a “generous bug bounty” as a compelling incentive for the hackers, should they choose to return the pilfered assets. What’s more, the company demonstrated its commitment to fortifying its security infrastructure. They even extended an invitation to the attackers, welcoming them to participate in shaping the future upgrade of their security system.
On September 12th, CoinEx fell victim to a significant security breach, leading to the illicit withdrawal of roughly $55 million from the platform’s hot wallets. This alarming incident was meticulously documented by the blockchain security experts at SlowMist.
In the wake of this breach, CoinEx took swift and decisive action by suspending all deposit and withdrawal services. This precautionary measure was deemed necessary to facilitate ongoing investigations and safeguard the interests of its users.
Adding an intriguing layer to this cybercrime narrative, an astute on-chain investigator named ZachXBT skillfully unraveled the mystery. His meticulous work pinpointed the culprits behind this audacious attack as the Lazarus Group, a notorious collective of North Korean hackers renowned for their extensive cyber activities.
CoinEx Heist: $70 Million Vanishes Overnight
In their recent statement, CoinEx openly addressed the incident and offered more insight into the extent of the financial damage. According to their latest findings, it has come to light that approximately $70 million was stolen from their platform, surpassing the initial estimate. However, it’s crucial to note that CoinEx stressed that this theft, while significant, represents only a relatively small fraction of their total assets.
CoinEx refrained from providing a specific timeline for the resumption of their services. Nonetheless, they made a commitment to users that withdrawal services will gradually be reinstated, but only after rigorous security checks and measures are firmly in place. Additionally, the company disclosed plans to roll out wallet upgrades in the coming week, with the primary objective of bolstering the overall security of their platform.
Furthermore, CoinEx expressed their unwavering dedication to fully compensate users who have been impacted by this unfortunate incident. They have undertaken the responsibility of ensuring that affected customers will receive a complete 100% reimbursement for their losses.
“Currently, we focus on upgrading the wallet architecture, calculating losses, and freezing related suspicious addresses by coordinating with industry partners and peer exchanges. Regarding compensation plans for the stolen assets, we are now formulating options. The compensation will be provided per-coin, with details to follow in our official announcements later.”
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