CoinEx Exchange Lost $54 Million In Suspected Hack

Users doubt if withdrawals are done by hackers or is it an insider job as the crypto exchange does not specify details on the hack.
CoinEx Reports Security Breach 54M Stolen in Suspected Hack

The crypto exchange CoinEx has seen several suspected withdrawal transactions from its platform’s hot wallets. The exchange recorded a total of approximately $54 million worth of crypto assets in outflow.

On September 12, CoinEx shared a post citing that it has discovered a security incident on the platform. “Our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx’s exchange assets,” it said. 

While it claimed that unauthorized withdrawals are primarily in ETH, TRX and MATIC, BTC, BNB, XRP, SOL and others altcoins. 

A detailed analysis from SlowMist team confirms that the exchange has lost a total of nearly $54 million which includes over $18 million in ETH, $11 million in TRX, $5.9 million in BTC, $6 million in BNB, $6 million in XRP, $2.5 million in SOL and other $5 million in MATIC, XDAG, KDA and BCH. 

As CoinEx has not disclosed the root cause of hack or unauthorized access to its crypto wallets, the crypto community suspects if it is really a hack or all this a part of a major rugpull by the exchange. 

The exchange has suspended deposits and withdrawal temporarily and said it will be resumed after a thorough review on the potential hack. CoinEx also said that affected users will receive 100% compensation for their loss in this security breach.

Also Read: Stake Hacker Moves $328k of MATIC & BNB From $41M Stolen Funds

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