CoinEx resumes services post-$27M security breach, warns against using old addresses CoinEx resumes services post-$27M security breach, warns against using old addresses
CoinEx cautions users against old deposit addresses as it reinstates withdrawal services following security mishap.
1 min read
Updated: Sep. 20, 2023 at 1:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CoinEx is set to resume deposit and withdrawal services for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and other cryptos starting Sept. 21 at 08:00 UTC.
The announcement via CoinEx’s official X account urges users to steer clear of old addresses, warning that any assets sent to these locations will be irrevocably lost. A warning from the exchange reads,
“Please DO NOT use any old deposit addresses you may have saved – The old addresses will NO LONGER work and assets sent to them will be permanently lost.”
This development follows a substantial security breach that saw the crypto exchange lose over $27 million in digital assets to an attack linked to the North Korean Lazarus Group. The hack was part of a larger pattern of cyber-attacks aimed at siphoning off digital assets, with North Korean hackers reportedly stealing more than $200 million worth of cryptocurrencies this year.
According to statements from CoinEx, potential delays in processing are expected in the upcoming days due to a predicted surge in withdrawal requests. As the platform ascertains system stability, it plans to progressively reintroduce more assets to its deposit & withdrawal services, indicating a steady return of operations.
The news of CoinEx’s resumption of services comes with an explicit acknowledgment from the company, reaffirming its commitment to refining its services to maintain and uphold this trust.
As CoinEx moves towards normalcy, the onus now lies on crypto exchanges globally to enhance their security measures, ensuring such breaches become a thing of the past.
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Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,478.65
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
$0.99957
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$1.00009
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
