CoinEx Lost $55 Million Worth Of Crypto Assets In Hack
Crypto exchange CoinEx lost more than $55 million worth of crypto assets. Initially, the total loss was estimated over $27 million. Now it has reached over $55 million. People have different questions about how the crypto exchange was hacked, who was behind this attack, and so on. CoinEx called it a security incident.
Some experts detected the unusual outflow of funds from CoinEx. Cyvers Alerts tweeted about this and alerted people about multiple suspicious transactions. Blockchain security firm PeckShield looked into this and put a label of suspicious outflow of large funds.
At this point, CoinEx addressed this issue and gave an urgent notice on X. The exchange promised to compensate 100% to the affected users due to this hack. It was assumed that the loss of crypto assets was over $27 million. Blockchain security firm SlowMist and crypto detective ZachXBT did their investigation and found out that the loss is almost $55 million.
CoinEx halted deposits and withdrawals from the exchange temporarily. They are doing more investigation into the whole process of this incident. Monitoring the overall situation, the exchange will publish a comprehensive report. We will get to know more about it then.
One thing that will make you surprised when you know who is the mastermind behind draining funds from crypto exchange CoinEx. According to crypto detective ZachXBT and blockchain security firm SlowMist, North Korea’s Lazarus Group is responsible for this attack and they are the mastermind.
It is revealed that there is a link between the CoinEx hack and the Stake hack. As you know, recently crypto gambling platform Stake was hacked and hackers stole $41 million worth of cryptocurrency. According to the FBI, North Korean notorious Lazarus Group was behind the hack of the crypto gambling platform Stake.
From analysis, it appears that an Ethereum wallet address is connected to wallet addresses that are involved in hacking CoinEx and Stake. Lazarus Group usually targets high-profile entities to attack. It is sad to see they keep exploiting and attacking crypto platforms one by one.
It shows the vulnerability of the crypto platforms that you cannot overlook. Otherwise, hackers would not be able to exploit and hack consistently. Crypto platforms have to increase their security measures and fix the vulnerability. It is good that CoinEx plans to compensate the affected users.
Hope the exchange will fix the issues and take action to strengthen the security measures so that hackers cannot exploit and steal funds.
this is scary. i hope binance will never hack this way!