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

September 20, 2023 10:01 am

ADragan/Shutterstock modified by Blockworks

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).

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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.

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