Crypto exchange CoinEx faced a potential security breach on September 12, as unusually large outflows were detected.
CoinEx May Have Been Subjected To A Hacker Attack
Crypto exchange CoinEx faced a potential security breach on September 12, as unusually large outflows were detected. Experts suspect that the exchange may have been hacked, with estimated losses amounting to approximately $27 million, according to blockchain security platform Cyvers Alerts.
A known CoinEx hot wallet moved about 4,947 Ethereum (ETH) to an Ethereum account with no prior transaction history at around 1:21 pm UTC. Following this transfer, a potential total of $18 million ETH, $8.5 million TRON and $291,000 MATIC were stolen.
The outflow raised eyebrows within the crypto community, with PeckShield, a blockchain security firm, labeling the incident as "suspicious."
Slowmist estimates the total amount siphoned off by the hackers to be greater at $48 million.
The amount stolen has risen to $54 million recently, according to the figures compiled by SlowMist.
The exchange has also identified the list of suspicious wallet addresses linked to the attack.
At 5:25 p.m. UTC, CoinEx confirmed the suspicious withdrawals on Twitter, noting that their Risk Control System had discovered unusual transactions from numerous hot wallet addresses used to store the exchange's funds. The platform announced the formation of a special investigation team to look into the incident's cause.
The exchange assured its users that the withdrawn crypto represents only a fraction of its total reserves and pledged to provide 100% compensation for any losses resulting from the breach.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
