CoinEx to reopen some withdrawals and deposits following $70M hack

Assets including bitcoin, ethereum, dogecoin and shiba inu are included in the withdrawals and deposits

article-image

ADragan/Shutterstock modified by Blockworks

share

CoinEx has begun to resume withdrawals and deposits following a $70 million hack earlier this month.

The company said that it expects its wallet system to be reconstructed and deployed on Thursday, Sept. 21. 

It added that it is updating the deposit addresses for some assets, including bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), shiba inu (SHIB), and Binance coin (BNB).

The blog post warned users that they should only use the new deposit addresses because “the old addresses will NO LONGER work and assets sent to them will be permanently lost.”

CoinEx noted that it expects a “large number of withdrawals” and that it expects withdrawal times to take longer than usual as it works to ensure that the new wallet system is stable enough to resume withdrawals and deposits for more assets.

“We’ve finalized our strategy to resume withdrawals and are set to progressively resume these services within 7 working days. Ensuring 100% asset security remains our top priority before reactivating withdrawal functionalities,” CoinEx said in a tweet on X, formerly Twitter, on Monday.

A suspected hack of the asset management platform happened on Sept. 12 when data showed large hot wallet outflows

CoinEx agreed in June to pay $1.7 million to the New York Attorney General and cease operations in New York. The NYAG sued the Hong Kong-based crypto trading platform in February of this year, alleging that it violated the Martin Act. 

Essentially, the Martin Act ensures that only registered dealers, brokers and salesmen sell or offer securities. 


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

As of Wednesday, the US government had seized Sinbad’s website

article-image

Cross-chain protocol’s product development-focused unit Wormhole Labs formally launches following $225 million raise

article-image

Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX

article-image

Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?

article-image

Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says

article-image

Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say