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 <p class="is-style-lead">CoinEx, the Hong Kong-based cryptocurrency exchange, has become the subject of what it called a ‘security incident,’ with multiple suspicious transactions stemming from the platform’s Ethereum hot wallet.</p> 
 <p>According to Cyvers Alerts, a hot <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> linked to the exchange continues to be <a rel="noopener noreferrer nofollow" title="drained" href="https://thebittimes.com/tag/drained.html">drained</a> of its contents.</p> 
 <h2 class="wp-block-heading" id="more-than-27-8-million-in-losses">More than 27.8 million in losses</h2> 
 <p>Prior to the official statement from the exchange, alerts from different sources have been turned to this hot wallet. </p> 
 <p>Etherscan data does show that the CoinEx hot <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> transferred 4,947 Ether ($7.9 million) to an account that had no prior history. Other affected <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a> included TRON and Polygon (MATIC), with estimated combined losses of $27.8 million.</p> 
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    <p lang="en" dir="ltr">ALERTHey @coinexcom, Our AI powered <br><br>system has detected multiple suspicious transactions <br><br>with your #Ethereum hot wallet. It is being draining <br><br>right now. You should stop all the withdraws and deposits right now@tayvano_ @zachxbt <br><br>More info will come <br><br>Stay Vigilant! pic.twitter.com/I6GON0An4v</p>— Cyvers Alerts (@CyversAlerts) September 12, 2023 
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 <p>PeckShield, the blockchain <a rel="noopener noreferrer nofollow" title="security" href="https://thebittimes.com/tag/security.html">security</a> and analytics firm, also labeled these transactions “suspicious.”</p> 
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    <p lang="en" dir="ltr">Hi @coinexcom, suspicious outflow of large funds from #coinex hot wallets. https://t.co/C1kCcdnIRQ</p>— PeckShield Inc. (@peckshield) September 12, 2023 
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 <p>CoinEx later addressed the transactions, calling them a “security incident.” The team detected “anomalous withdrawals” and took necessary actions, according to the post. </p> 
 <p>“Affected parties will receive 100% compensation for any loss due to this breach. For added security, deposit &amp; withdrawal services are temporarily suspended and will resume after a thorough review,” the company said on X (formerly Twitter).</p> 
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    <p lang="en" dir="ltr">Urgent Notice: Security Incident on CoinEx – Immediate Actions Underway<br><br>On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx's exchange assets. Promptly recognizing the gravity of the situation, we…</p>— CoinEx Global (@coinexcom) September 12, 2023 
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 <p>At the time of writing, CoinEx wallets were holding a total of $97.83 million in assets, with $89 million already stored in a cold wallet (approximately 91%).</p> 
 <div class="cn-block-related-link"> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> CoinEx faces New York ban, ordered to pay $1.7m in penalties 
 </div> 
 <h2 class="wp-block-heading" id="even-the-best-aren-t-safe">Even the best aren’t safe</h2> 
 <p>Hacks continue to remain prevalent across the industry. Just two days earlier, Vitalik Buterin, the co-founder of Ethereum (ETH) and active community member, also fell victim to an attack on his social media account, which cost X users an estimated $691,000.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> CoinEx sued by NYAG for failing to register in the state 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinex-hot-wallets-drained-of-27-8m-worth-of-crypto-in-security-incident-tbt62494.html">https://thebittimes.com/coinex-hot-wallets-drained-of-27-8m-worth-of-crypto-in-security-incident-tbt62494.html</a></p>

CoinEx hot wallets drained of $27.8m worth of crypto in ‘security incident’

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