Cool. Coinex you are really honest. :-) Keep up the good work. We are all human beings and we all have made mistakes, but you want to really build up coinex again - one of the best platforms I have ever seen. Looking forward when site is fully functional online. For your honesty you should be rewarded with a bunch of donations. Share your coin addresses ;-)
Honest doesn't mean not at fault.
The reason this happened, AGAIN, is because of their "security last" mentality. Even now, did you bother to notice what erundook said: "We have a security audit pending". Pending? Sorry, a security audit should already be ON GOING, not pending. Especially since they are back on-line and thus available to be attacked again. But really, a security audit should have been done a long time ago after their first big hack. Or at least after one of the numerous little attacks they kept silent about and covered up.
This represents something like the 4th time that we know of that they have had to pay up out of pocket to cover losses from theft. Unlike previous times, this time they couldn't even come up with the funds to do it 100%. Despite trying to unload their own stock, selling their own equipment and so fourth, they only came up with 50%. Hence why they were in such a rush to get the exchange back online, despite obvious security concerns, so they can make up the other 50% from the trading fees.
Everyone keeps looking at this through their rose colored glasses that this happens all the time and they always make good. Well, first, it SHOULDN'T BE happening all the time; second, how many more times do you guys think they can cover the losses? Ignoring security and covering loss out of pocket is NOT a sustainable business model because you run out of money at some point. That point is NOW.
They have already done it several times to the point that this time they needed to sell off their own stock and equipment to even just be able to cover even 50%. They have tapped out their own resources. They have nothing left except whatever they will earn from exchange fee's after they finish paying everyone back the remaining 50% owed. The next time this happens will be the last time it happens as they will be dead and gone because they simply don't have the assets to cover a major loss anymore.
MAYBE, hopefully; being in this situation for will make them finally actually do something about security instead of ignoring it as they have been. We'll know in about 3 months.
And before everyone jumps on my with the typical excuses of crypto is new, yada, yada, yada....
Yeah, sure. Crypto is new, but computers and common sense computer security are NOT. Look at OpenEX as an example. That the guy was a idiot and left default root login active and accessible via network has nothing to do with being new to crypto as he claimed, and everything to do with not knowing diddly squat about computers at all.
It's not like there some secret back door in the crypto networks that allows hackers access to wallets. The security failures of all these exchanges has nothing to do with them running crypto services but rather are general computer security failures that would have existed in their network regardless of what they were doing. The thing is however, being in crypto services makes them very desirable targets, which is all the more reason they should be thinking about security first above all else instead of playing this game of: "Aw, proper security is too much time, trouble and expense. Let's just hope it don't happen and cover losses out of our own pocket whenever it does" as more than one exchange has been doing.
