CoinEx urges hackers to accept bounty reward & return $70M stolen cryptocurrencies

Crypto transactions linked with the CoinEx crypto exchange hacker showed that they are affiliated with the Lazarus hacking group, while the CoinEx team expected to get a response from the hackers. 

CoinEx is an average popular global digital assets trade exchange that supports trading with the high-speed matching engine, very fast deposit, and withdrawal experience, and guarding assets with multi-dimensional security and protection. This exchange was founded by Haipo Yang. Yang came to know about Bitcoin in 2011 & finally joined the Bitcoin community in 2013.

On 12 Sep, this exchange faced a hacking attack & lost $50 million worth of crypto assets. 

Urgent Notice: Security Incident on CoinEx – Immediate Actions Underway

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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…

— CoinEx Global (@coinexcom) September 12, 2023

On 15 Sep, the CoinEx team released an open letter to negotiate with them to accept bug bounty reward and also tried to explain that the exchange can’t run its services in the future because a huge number of customers’ funds were drained in this attack, which is contradictory to the trust level of the exchange.

#CoinExResponseUpdate – CoinEx’s Open Letter to Hackers

To Hackers,

We entered this industry with a vision of “making the world a better place via blockchain.” Like millions of blockchain enthusiasts who share the same faith, we strive to build an open, interconnected, and…

— CoinEx Global (@coinexcom) September 15, 2023

Currently, the CoinEx team is engaged with another crypto security firm to investigate the whole incident, fix the issue & catch the main culprit. So far investigations found that $70 million in funds have been drained by the hackers.

Popular crypto detective ZachXBT shared his investigation and claimed that the hackers are linked with Lazarus Group, a very big group of anonymous hackers affiliated with the government of North Korea. 

It appears North Korea is also responsible for the $54M @coinexcom hack from yesterday after they accidentally connected their address to the $41M Stake hack on OP & Polygon.

0x75497999432b8701330fb68058bd21918c02ac59 pic.twitter.com/9qZPdc3yhT

— ZachXBT (@zachxbt) September 13, 2023

At present withdrawal & deposit services are not available at the CoinEx exchange, as the developers are again reconstructing the exchange’s wallet system.

3/ It's worth noting that this comprehensive wallet system reconstruction encompasses 211 chains and 737 cryptocurrencies. Given the magnitude of this undertaking, we kindly ask for your continued patience. Rest assured, updates on our progress will be regularly provided.

— CoinEx Global (@coinexcom) September 17, 2023

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CoinEx urges hackers to accept bounty reward & return $70M stolen cryptocurrencies

 

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