fxs_header_sponsor_anchor

Hong Kong-based crypto exchange CoinEx hacked for $31 million; hackers steal ETH, TRX, MATIC

  • CoinEx hot wallets lost more than $31 million after they were hacked on September 12.
  • The hackers made away with ETH, TRX and MATIC, confirmed by the exchange soon after.
  • In response, CoinEx established an investigative team and assured affected investors that they would be compensated.

Crypto exchange CoinEx fell victim to cybercrime earlier in the day as perpetrators managed to steal millions of dollars worth of crypto assets. While the exchange reassured 100% compensation, users did not hold back from accusing the exchange of rug pull despite CoinEx providing proof-of-reserves.

Read more - Bitcoin price rise pulls crypto market cap above $1 trillion; US headline CPI forecast to rise; core to fall

CoinEx hack leads to ETH, TRX and MATIC theft

CoinEx, a Hong-Kong-based cryptocurrency exchange, confirmed suspicions of hacks earlier on September 12. As huge amounts of outflows from the exchange's hot wallets came to light, security analytics firm PeckShield alerted the exchange and users on X (Twitter).

This was followed by confirmation from the exchange itself, which tweeted,

"On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx's exchange assets…Preliminary assessments indicate unauthorized transactions involving ETH, TRON, and MATIC.

While the exchange did not provide a clear amount as to how much crypto assets were stolen from the hot wallets, PeckShield notified that more than $31 million worth of tokens were taken by the hackers. The hot wallets were drained of $19M worth of ETH, $11.5M in TRON and MATIC, amounting to $295,000.

In response to the hack, CoinEx stated that it had established an investigative team and suspended deposit and withdrawal services. The crypto exchange also reassured that the impacted users would be fully compensated for their losses.

However, this reponse did not stop users from accusing the exchange of a potential rug pull despite the fact that CoinEx has established proof-of-reserves. The audit system was first initiated by Binance founder ChangPeng Zhao in response to the FTX collapse to reassure investors of the safety of their funds.

Neither of the affected token's price actions seemed to have borne any negative effect from the hack. FXStreet is awaiting a reply from CoinEx Global in response to the hack.

Read more - Bitcoin price climbing above $26,000 brings profit to BTC-related stocks


Like this article? Help us with some feedback by answering this survey:


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.