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CoinEx Crypto Exchange Falls Victim to $28 Million Hack: Reports

In a recent incident, reports have emerged of a major security breach at the popular cryptocurrency exchange, CoinEx. The exchange has suffered a hack, resulting in the theft of nearly $28 million in digital assets, according to reports on social media platform X (formerly Twitter).

The breach primarily targeted CoinEx's hot wallets, which held assets in Ethereum (ETH), TRON (TRX), and Polygon (MATIC). CoinEx Takes Swift Action CoinEx has responded swiftly to the breach, taking immediate action to safeguard its users' assets. The exchange temporarily halted all deposits and withdrawals, citing the need for wallet maintenance. This decision followed a crucial alert from the Web3 security firm, Cyvers Alert, which detected the breach through its advanced AI system.

The stolen assets based on on-chain data, the stolen funds amount to approximately $18.12 million in Ethereum (ETH), $8.5 million in TRON (TRX), and $291,000 in Polygon (MATIC). Cyvers Alert has suggested that the hack could be attributed to "access control violations, private key leakage, or rug pulling." These wallets were compromised, and a staggering sum of over $27.8 million was drained from them, Cyvers Alert added.

PeckShield, a leading blockchain security platform, also reported significant outflows from CoinEx's hot wallets, further confirming the severity of the breach.

This incident serves as a stark reminder of the ongoing security challenges faced by cryptocurrency exchanges, highlighting the importance of robust security measures in the crypto industry.


DISCLAIMER: This article is solely for informational purposes and not for financial, investment, or trading advice, and should not be relied upon for making decisions. For more see our full disclosure here.


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