Crypto Exchange CoinEx hacked, $29 million stolen

September 13, 2023 04:36 AM AEST | By Invezz

Crypto Exchange CoinEx hacked, $29 million stolen — Image source: Invezz

Three blockchains affected

The sophisticated hack unfolded across three different blockchains, affecting a wide range of digital tokens. In detail, the attackers made off with approximately $18.12 million worth of assets on the Ethereum blockchain, $8.5 million on the Tron network, and $291,000 on Polygon.

CoinEx responded to the breach by speculating on the possible causes, including “access control violations,” “private key leakage,” or even the notorious “rug pulling,” though they did not rule out the possibility of an inside job. Their findings were complemented by on-chain investigator ZachXBT.

Hacker converts stolen funds into ETH

The hackers have already initiated asset transfers to three suspicious addresses, primarily converting their ill-gotten gains into Ethereum. Of particular note, one of these addresses has transferred a substantial 3365 ETH, equivalent to $5.3 million, to an externally owned address.

CoinEx, in a comprehensive statement, confirmed the security breach while acknowledging the uncertainty regarding the exact extent of the loss of exchange assets. The crypto exchange emphasized that the affected funds represent only a fraction of CoinEx’s total assets and reassured users by stating that their assets are secure and untouched. The exchange has also pledged to fully compensate affected parties for any losses incurred due to this breach.

Urgent Notice: Security Incident on CoinEx – Immediate Actions Underway

On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx's exchange assets. Promptly recognizing the gravity of the situation, we…
— CoinEx Global (@coinexcom) September 12, 2023

In a show of transparency and accountability, CoinEx committed to providing a comprehensive report on the incident, along with a detailed timeline of events. To delve deeper into the matter, they have also enlisted the services of an investigative team.

The post Crypto Exchange CoinEx hacked, $29 million stolen appeared first on Invezz.

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