After a security breach that resulted in a $70 million loss, cryptocurrency exchange CoinEx has announced its plans to resume deposit and withdrawal services for users on September 21. The exchange is working on the finalization and deployment of its wallet system during this period, it said in an announcement.
CoinEx fell victim to a $70 million hack when malicious actors compromised its hot wallet private keys. It was later reported that North Korea’s state-backed Lazarus Group was responsible for the attack. In response, CoinEx has implemented a 100% asset reserve policy to enhance user protection against potential security threats.
According to the official update, CoinEx will restart wallet operations for a range 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).
As part of the upgrade, CoinEx will generate new deposit addresses for all users, emphasizing that previously saved old deposit addresses will no longer be functional. Any assets sent to these old addresses will be irretrievably lost. Users are strongly advised not to use outdated deposit addresses and to verify that they are using the newly provided address before making any deposits.
The exchange anticipates a substantial backlog of withdrawal requests in the coming days, potentially causing delays in processing. CoinEx assured users that it is prioritizing the stability of the new wallet system and will gradually reinstate deposit and withdrawal services for additional assets in due course. Users are encouraged to stay updated through official announcements regarding progress.
