CoinEx to Resume Deposit and Withdrawals After $70 Million Hack

Exchange Rebuilds Wallet System

Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users over a week after suffering a $70 million hack. The hack was due to compromised hot wallet private keys. In response, CoinEx prioritized building and deploying a new wallet system to service the 211 blockchains and 737 tokens it previously supported.

Deposit and Withdrawal Services Resumed

CoinEx has announced the resumption of deposit and withdrawal services for BTC, ETH, USDT, USDC, and other tokens starting from September 21. The exchange will update deposit addresses for the listed tokens and generate new deposit addresses for its users. Users are advised not to deposit into old addresses on the platform to avoid permanent loss of assets.

Potential Delays Expected

The exchange warns of a potentially large number of pending withdrawals as it resumes operations. CoinEx assures its users that the new wallet system is stable and that deposit and withdrawal services for more assets will gradually be reinstated.

User Assets Protected

CoinEx states that it has implemented a 100% asset reserve policy to safeguard users against security threats. Updates following the hack confirmed that users' assets were not affected, and any financial losses would be covered by CoinEx's User Asset Security Foundation.

Cointelegraph has reached out to CoinEx to inquire about potential refunds for affected assets.