CoinEx Published FAQ on Recent Hack, Addresses Community Concerns


18 Sep 2023 5:03 AM

A special team is thoroughly investigating the hack design and potential damage. Also, it completely reconsidered the security mechanisms of the exchange to prevent similar attacks from happening again....

  • Crypto exchange CoinEx experienced a hack on September 12, resulting in the compromise of one of its hot wallets.
  • Immediate actions were taken, including suspending deposits and withdrawals, shutting down the hot wallet server, and transferring remaining assets to secure cold storage.
  • CoinEx initiated investigations into the attack and contacted peer exchanges to freeze related assets.
  • CEO Haipo Yang expressed regret and reassured users that their funds will not be impacted.
  • CoinEx released a FAQ addressing user concerns about restoration of withdrawal services, compensation for stolen assets, and future security plans.
  • The team aims to reopen withdrawals once stringent security checks are passed and a new wallet system is deployed.
  • CoinEx's other product lines operate independently and are not impacted by the security incident.
  • The team is committed to a 100% compensation program, estimating approximately $70 million worth of assets lost.
  • The identity of the attacker is still under investigation, and communication channels with the hackers have been opened.
  • CoinEx plans to enhance security protocols, increase vulnerability assessments, and introduce CoinEx Credit Risk Funds for better response capabilities.

The article provides updates on CoinEx's response to a hack, highlighting the actions taken, reassurances to users, and plans for recovery and security enhancement. The overall sentiment is neutral, focusing on the steps being taken to address the incident.

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You May Ask

What actions did CoinEx take immediately after the hack?How is CoinEx addressing user concerns about the restoration of withdrawal services?What is the estimated value of the assets lost in the hack?Is CoinEx communicating with the hackers?

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