CoinEx sees $27M in outflows in suspected hack

Cryptocurrency exchange CoinEx sparked fears of a hack on Tuesday after massive hot wallet outflows

September 12, 2023 12:45 pm

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Cryptocurrency exchange CoinEx has sparked fears of a hack following massive outflows from their hot wallets on Tuesday.

Per Etherscan data, at a cryptocurrency address received nearly 5,000 ether from a known CoinEx hot wallet at 9:20 am ET. Since then, the address has been systematically withdrawing sums of other cryptocurrencies from the exchange and swapping them for ether (ETH) using decentralized exchange Uniswap in what appears to be an ongoing attack.

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Two other addresses are exhibiting similar activity, with the total sum withdrawn and swapped on Ethereum totaling $18.6 million at press time.

Per security firm Cyvers Alerts, an additional $8.5 million in crypto assets were withdrawn to an address on the Tron blockchain, and a $290,000 in assets was withdrawn to a Polygon address, totalling $27.4 million between the three chains.

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CoinEx withdrew operations from the state of New York in June following allegations that the exchange violated the Martin Act by not registering as a securities dealer.

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