In a significant update, the Hong Kong based CoinEx Exchange announced it will resume deposit and withdrawal services for 180 ERC20 tokens, starting on September 22, 2023, at 03:00 UTC. This comes after a security incident earlier this month that had temporarily halted these services.
The Security Incident
On September 12, 2023, CoinEx’s Risk Control System flagged abnormal withdrawals from several of its hot wallet addresses. A swift response was mounted, with a special investigative team established to probe into the incident. Preliminary evaluations point towards unauthorized transactions involving Ethereum (ETH), Tron (TRON), and Polygon (MATIC). Although the precise amount of loss is not yet determined, CoinEx assures it forms only a minuscule portion of the exchange’s total assets.
CET Token Price
Measures Taken for Asset Security
In the wake of the incident, the exchange temporarily suspended deposit and withdrawal services. CoinEx assures its user base that their assets remain secure and unaffected by the breach. As a confidence-building measure, the exchange has also committed to compensating affected parties in full for any loss incurred due to the security lapse.
Resumption of Services and What to Expect
Come September 22, 2023, CoinEx will generate new deposit addresses for all assets. Users are advised to double-check these new addresses before making any deposits. Given the likely surge in withdrawal requests in the days following resumption, users might experience some delays in processing.
A Commitment to Transparency
CoinEx has pledged to release a detailed timeline and a comprehensive report regarding the incident, underscoring its commitment to transparency and user trust. The exchange deeply regrets the distress caused by the incident and aims to fortify its security measures henceforth.
A Remarkable Comeback
While the security incident was unfortunate, CoinEx’s swift action and transparent communication demonstrate its commitment to the security and trust of its users. As deposit and withdrawal services resume, investors should exercise due diligence and adhere to the new protocols set in place by the exchange.
The incident serves as a reminder that even robust platforms can be susceptible to risks, reinforcing the need for constant vigilance in the rapidly evolving landscape of digital assets. However, where other exchanges previously failed, CoinEx was able to rebound from the hack swiftly and survive further backlash, which is a positive for the crypto industry as a whole.
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- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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