Million

Hong Kong-based crypto exchange <a target="_blank" href="https://tokeninsight.com/en/exchanges/coinex" rel="noopener noreferrer nofollow">CoinEx</a> said hackers stole more than $70 million in tokens as a result of compromised private keys. The team wanted to open lines of communication to claw back funds and stated that affected users would be compensated entirely for any lost funds. 
CoinEx's initial investigation into the hack blamed the root cause on a compromised private key for its hot wallets. These private keys store exchange assets used for deposits and withdrawals. In order to avoid further losses, CoinEx suspended the withdrawal service, fixed the system vulnerabilities, and transferred the remaining assets from the affected hot wallets. Withdrawal services are expected to gradually resume within seven working days. 
The exchange explained that a preliminary investigation pinned the root cause to a compromised private key for its hot wallets. 
CoinEx says its team is still investigating the identity of the person responsible for the security breach, and some blockchain security firms believe the attacker to be North Korean hackers Lazarus Group. 
Related: <a target="_blank" href="https://tokeninsight.com/en/news/crypto-exchange-coinex-hacked-for-nearly-27m" rel="noopener noreferrer nofollow">Crypto Exchange CoinEX Hacked for Nearly $27M</a> 
<a target="_blank" href="https://tokeninsight.com/en/news/coinex-suspends-deposit-and-withdrawal-services-promises-to-compensate-affected-parties" rel="noopener noreferrer nofollow">CoinEx Suspends Deposit and Withdrawal Services, Promises to Compensate Affected Parties</a> 
<img src="https://s2.tokeninsight.com/static/calendar/img2023092012021661264d5c-7278-4dc9-990b-5b547a0a2bfc.jpg"> 
Stay updated with the most important <a target="_blank" href="https://tokeninsight.com/en/news" rel="noopener noreferrer nofollow">cryptocurrency news</a> and valuable insights, conveniently delivered to your email every day. <a rel="noopener noreferrer nofollow" target="_blank" href="https://mailchi.mp/tokeninsight/newsletter">Subscribe to the TokenInsight mailing list now!</a> 
Prefer social media? Follow us on <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/tokeninsight">Twitter</a>, or subscribe to our <a rel="noopener noreferrer nofollow" target="_blank" href="https://t.me/TokenInsightchannel">Telegram channel!</a> 
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at <a href="mailto:news@tokeninsight.com" rel="noopener noreferrer nofollow">news@tokeninsight.com</a>

CoinEx Private Keys Compromise Leads to $70 Million Hack

TokenInsight

Other articles published on Sep 20, 2023

XRP Sees $1 Billion Worth Traded as Price Hits Key Level

DASH Price Prediction: Will DASH Register a Breakout Above $30?

ZTX Teams Up with Lenge Top Metaverse Designer for Exclusive Digital Fashion

Dogecoin Price Prediction as Cryptos Recover: Can DOGE reach 1$?

CoinEx to resume crypto services after $70m Lazarus hack

Tron (TRX) Gains Momentum, Litecoin (LTC) and VC Spectra (SPCT) Ascending Rapidly

Join our free newsletter for daily crypto updates!