CoinEx Crypto Exchange Lost $70 million To Hackers
CoinEx crypto exchange lost $70 million to hackers; now trying to recover funds and improve security.
Hong Kong's CoinEx exchange shared details of a big $70 million theft. They're now making a new wallet system to help users who lost their money.
Even though $70 million was taken, CoinEx assured that this is only a small part of their total money. They promise to pay back users who lost their coins.
Many believe North Korean hackers called the “Lazarus Group” are behind this. CoinEx is also trying to talk to these hackers to find a solution.
It was reported that a private key used for the exchange's main wallets was stolen. These wallets help users to put in or take out their money.
Because of the hack, CoinEx stopped users withdrawals. They also moved their money away from the unsafe wallets. CoinEx plans to let open up withdrawals again in about 7 days.
On Sept. 12, CoinEx noticed some strange transactions in their wallet. A lot of Ether (ETH) was moved first, and then other coins were taken. At first, people thought only $27 million was gone, but the loss has grown in a week.
North Korean hackers have stolen a lot from crypto places in recent years. In 2022, they took over $650 million from Axie Infinity. Experts believe they've taken about $340 million in 2023 alone, especially after this CoinEx event and another hack earlier in September.
