$28M stolen from CoinEx - are your funds safe?

[sesterceshop]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Source: https://thedefiant.io/coinex-exchange-hacked-for-usd28m

Cyvers Alerts, a crypto alert platform, reported that one address received over $5 million in various assets from CoinEx - https://etherscan.io/address/0xcc1ae485b617c59a7c577c02cd07078a2bcce454

Well-known X/Twitter crypto investigator, ZachXBT, shared more addresses related to the breach in his Telegram. The story is still developing. Anyone affected? Please share your story.

[Heulahee]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

[PIMPdev]

I never even heard of this exchange, so my funds are safe. I'm using Bitfinex. But I'm not keeping my crypto there anyway, I have OWNR wallet for that. Can't believe people still keeping their coins on exchanges.

[asriloni]

This exchange was always doing manipulation on its volume. I doubt if this exchange site has enough funds to reimburse the users. All of money owned by exchange site has gone. There's nothing to be used to reimburse its users. Many people are complaining on its official twitter account if they are willing to take off their mone from there site but since coinex has no money left, and it's still halted.

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

Probably stupid people who never learn from their past experience. The exchange sites being operated by so many people. You can't be sure if all of enginers would never make mistke that can trigger the security breach of exchange sites.
My guess if the priv key owned by this exchange site being leaked or compromised.

RIP coinex. Will coinex declare itself to be bankrupt after this case? 

[cryptoaddictchie]

Well-known X/Twitter crypto investigator, ZachXBT, shared more addresses related to the breach in his Telegram. The story is still developing. Anyone affected? Please share your story.

If it was ZachXBT then its an interesting investigation cause mostly of what he finds out somehow true. If this case to be an inside job or from a notorius group who are fond of doing hacking then the coinex might able to retrieved it.

I just hope that they have insurance money or funds for those that are affected. Surely many users are in grave position dur to that stolen funds.

[Roma66]

This time good exchanger hack.This is really bad time for our.I am so lucky I didn't investment this exchanger.So some people didn't investment this time because some people hack their exchanger token.so safe now all cryptocurrency people.i hope soon recover this.

[Cornia]

I haven't any account on CoinEx and I have never used this exchange. So my fund is safe. I think all funds are stolen from hot wallet. So there is no harm to the users.
Never hold assets on exchanges. So those who have kept funds in different exchanges should use their own hardware wallet now.

[carlfebz2]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Source: https://thedefiant.io/coinex-exchange-hacked-for-usd28m

Cyvers Alerts, a crypto alert platform, reported that one address received over $5 million in various assets from CoinEx - https://etherscan.io/address/0xcc1ae485b617c59a7c577c02cd07078a2bcce454

Well-known X/Twitter crypto investigator, ZachXBT, shared more addresses related to the breach in his Telegram. The story is still developing. Anyone affected? Please share your story.

I havent that experience on using up CoinEx but i heard this platform and in speaking these breaches and hacks then its not really that a shocking news that one day there's one that pops out and this is why its never

been ideal not really that suggested/recommended for you to store up all of your funds on an exchange. Im even that skeptical on doing so even on Binance, how much more on not so popular platforms?
They could always be having the chance on having those breaches or those issues on which it would really be leading on losing those funds but to be able to read up which they would really be having those
kind of reimbursement or be giving back into those affected users then this is something that the good news where those users would really be looking for or really expect to happen.
Good thing that they do have those back up funds just like that SAFU funds with Binance.

Im wondering if the trust and credibility wont really be affected out just like on what Binance have in the past? I dont think so it would be similar but at least they did make out
some good gesture and action which it is must thing.

[ryzaadit]

-snip-

Depends on the policy and bankroll, you can take example from Binance.

Exchanges are service providers, most of hacker always targeting a service provider not directly to your self as the user. That's why, If you don't do any trade never using exchange to be used as your wallet.

There always have some potential the exchange closed/hacked.

[Cadaver20]

This time good exchanger hack.This is really bad time for our.I am so lucky I didn't investment this exchanger.So some people didn't investment this time because some people hack their exchanger token.so safe now all cryptocurrency people.i hope soon recover this.

CoinEx is not a top level exchange. So the security of such exchange is quite weak. Those who hold their coins on this exchange must have made a mistake and put their assets at risk.
Recovering stolen money is very difficult. So it will not recover so easily.

[yohananaomi]

I never even heard of this exchange, so my funds are safe. I'm using Bitfinex. But I'm not keeping my crypto there anyway, I have OWNR wallet for that. Can't believe people still keeping their coins on exchanges.

It seems like it's not a popular exchange and is often used, so it's possible that many people don't use it, but there are still those who suffer losses, and I'm also one of those like you who don't use the exchange. But I agree with you that if you get into the habit of saving on an exchange for too long, the possibility of something like this happening is very high. Because it is difficult to predict, errors can occur, most likely done by someone inside, although hacking is also possible. It's certainly a wiser action to keep it in your wallet.

[Johnyz]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

This is the usual scenario on a dumping market, and who knows there might be an inside job here and they are just claiming that their platform was hacked.
Unfortunately, many locals will suffer that especially Hong Kong is also a place where crypto investors are rising, that could affect the trust of the investors.
Hopefully, the government will intervene and make those hackers liable and also the team of this exchanges because in the first place, it's their responsibility to secure the funds of the users.

[The Cryptovator]

I am safe because I haven't been using CoinEx for trading. I have been using Binance for a long time. But it doesn't mean Binance won't be hacked. Because Binance also has a hacking record. However, we never prefer to store large amounts in exchange. Just move your funds into your hardware or non-custodial wallet after trading is complete. It's unnecessary to risk your funds on a centralised exchange. So in the event of hacking, at least you will be safe. Sorry for those who lost their funds; I hope Exchange will compensate users funds.

[lalabotax]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Again and again, exchange hacks happen again. Indeed, in the digital world we will never be free from cyber crime. This is not the first time an exchange has been hacked.

Luckily I don't have any assets there. Moreover, it is not recommended to store assets, especially large ones, on an exchange. It would be better if you kept them in your personal wallet. We can save on the exchange, but only for trading purposes only. But of course this is everyone's choice.

Hopefully this incident will not happen again, and all exchanges will improve their security systems to avoid hack cases like this

[nelson4lov]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

It's going to be tough but very much possible. They need to work very hard and put in measures to ensure that they don't get hacked again. Binance did it after their $30 hack and introduced the Safu Funds - if you're familiar with the "Funds are Safu" phrase, that's it. Bitfinix also was hacked in the post and the way they mitigated it was to introduce debt token and paid out affected users periodically. Today, the exchange is still operational.

[blockman]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange?

There are customers who are loyal to their exchanges. In this case, CoinEx said that they would refund those affected users but they're also assuring that no fund of customers has been touched. That's like a trusting words from them and I have seen this happen in Binance and that's why the word 'safu' became a trend even they were hacked and look at them now, still trusted by many traders.

Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

Every system has their own weakness and that's why they have to update and there could be some loopholes found in them that's being breached and abused by the hackers. Businesses like exchanges, they're putting a lot of money in security but I guess some trick worked for them that resulted in losing money.

[makishart]

Lazarus goes crazy. After it has been stealing stake's money and coinex became another victim.
It's likely that lzarus has been used the same method to hack coinex. im very disappointed to see that if it's almost impossible to get the funds back again. im feelin curious about what kind of trick used by lazarus to continously steal a lot of money. Many people are losing their money. I doubt if the exchange site had urgent funds stored.
people shall stop to store their funds in exhange site for longterm.

[wxa7115]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

Whether an exchange can regain the trust of its clients depends on its response, if the exchange gets hacked again in a short period of time and they do not reimburse their clients then you can sure such that exchange will disappear soon.

But if the exchange can in fact reinforce their security and they give back the money they have lost to their rightful owners this could even increase the trust people have in it, as if they were to lose those coins while they were in their won wallets there will be no one willing to reimburse them those lost coins.

[LogitechMouse]

Not a popular exchange that's why they got a small amount of funds. Yes I said small because compare to how much money larger exchanges are losing when they got hacked, this is a small amount. Anyway, feel sad for those who are using this not-so-popular exchange, but we've said numerous times already that "don't store your funds in your exchanges" unless it's being used for trading.

The problem is many people aren't following what many are saying because these exchanges have a feature where the investors can earn a certain percentage by storing their coins in their exchange (kind of staking). The good thing though is that they're reimbursing the lost funds... or not?

Lazarus goes crazy. After it has been stealing stake's money and coinex became another victim.
~

How can you be so sure that the hackers behind this hacking incident are Lazarus? Are they the only hacking group here in the world that you are blaming them already. I did tried to read that article, and they didn't even said that the hacker/s behind this one is Lazarus.

[bluebit25]

I followed ZachXBT and learned that the hacker group Lazarus was involved in this case. Along with that, CoinEx continues to filter suspicious wallets like on their twitter/X. Through this incident, many people may continue to doubt the safety of users when using services from CEX. They also hope that CoinEx will have a hedge fund for users. But to be honest, since I learned about this market, CoinEx has never been a name that I trust and use, not sure if I have ever traded there, but maybe we should still go here. Be aware of prioritizing and using more reputable CEXs, and also not be too sure that CEX is safe for us.

[libert19]

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

Anything online can get hacked, security vs Hackers is never ending war. Imo, it's what entity do to mitigate these risks and what they do if attack succeeds. Coinex reimbursing funds to affected users is positive.

Same with binance and kucoin, they were hacked too, but they reimbursed. Thus faith remains.

[philipma1957]

  This makes me smile 😊 I am USA based so they gave me the boot 🥾 in 2021.

Once again I got lucky 🍀 with an exchange.

[wheelz1200]

At this point whoever has funds can't be felt bad for.  Exchanges are NOT wallets, and shouldn't be used as such.  Send crypto on, trade and then move of exchange.  What is so hard about this and how many "breaches" or "hacks" have to happen before people wake up lol.

[GreatArkansas]

That's why I don't trust any random exchanges, especially exchanges that are not reputable ones.
Also, some exchange accidents can be caused by some insiders or they are the ones who steal customers' money, we don't know.

It's just sad because Hong Kong started to gain some exposure to cryptocurrency, but this happened.

[OrangeII]

I rarely hear about this exchange, so I never even made an exchange in it. Additionally, I feel that CoinEx is not a well-known exchange, so I think hackers will try to attack it. Additionally, the allocation of stolen money is so large, I'm not sure that CoinEx will replace it soon, and the people who used it will likely try to withdraw their money from there. Well, I also hope that people who use this exchange can save their assets.

[blue Snow]

So those who have kept funds in different exchanges should use their own hardware wallet now.

It's not necessary to keep your fund in a hardware wallet even have a software wallet which is also safe. A hardware wallet is enough expensive, it's better to use the money to buy more coins to invest. I used metamask for long time, and never have problem with my funds. So when I buy ETH on exchange, I will send it immediately to metamask wallet and hold it. Besides I used for saving, a wallet where I have a key is safe from hacker online where always aiming the exchange.

[Godday]

I never use an exchange to store my funds. I prefer to use my personal wallet. It's much safer. I only use exchanges to trade or exchange cryptocurrencies. It's a shame for those who keep their money there. I just hope the company really compensates users for their losses.

[el kaka22]

Most of these exchanges make so much profit that they are willing to give people their money back even though they were hacked, how? From the profits. When you have a company as big as this, losing this much money means that you just use your profits to pay. In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

I believe that we are going to see a lot less numbers on that exchange because of this, and hopefully we will get to a point where things will be a lot easier in the end for people, should be fine in the end. I can't guarantee it, but looks like it could be something that is wildly possible in the end.

[AmoreJaz]

Most of these exchanges make so much profit that they are willing to give people their money back even though they were hacked, how? From the profits. When you have a company as big as this, losing this much money means that you just use your profits to pay. In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

I believe that we are going to see a lot less numbers on that exchange because of this, and hopefully we will get to a point where things will be a lot easier in the end for people, should be fine in the end. I can't guarantee it, but looks like it could be something that is wildly possible in the end.

for a relatively big exchange, they can afford to give the funds to its users. but if it is a small exchange, doubt if they can give back. usually, they will shut down their exchange without a warning. for users, they always need to be reminded of this situation. so always transfer your funds to your own wallet after you use the services of the exchange. you will subject your funds to this fraudulent activity if you keep it on them.

[goaldigger]

I never use an exchange to store my funds. I prefer to use my personal wallet. It's much safer. I only use exchanges to trade or exchange cryptocurrencies. It's a shame for those who keep their money there. I just hope the company really compensates users for their losses.

Probably some of them are day trader who actively moves their funds though I agree that we should not keep our funds on any exchanges especially if you are playing long. Hopefully the site will be more responsible to this and compensate the losses, it’s not that big compare to other hacking incidents and I’d hope that this site have the same strategy with Binance. Didn’t know much about this site so let’s assume that there’s no inside job here.

[savetheFORUM]

I never even heard of this exchange, so my funds are safe. I'm using Bitfinex. But I'm not keeping my crypto there anyway, I have OWNR wallet for that. Can't believe people still keeping their coins on exchanges.

It is obviously not recommended to keep your cryptocurrencies in an exchange if you are not using them for trading because it's a trading platform and not a wallet. However, those who get hugely affected by such attacks are people who are day trading and they usually keep pretty high amounts of assets in their trading accounts because they use that money for their daily trading activities and it is hectic to just withdraw and deposit that money every day and pay so much money in fees.

However, if the exchange has announced that they will reimburse the money of traders that are lost in the breach then it's a good thing because it is not the mistake of traders but the exchange if the hackers could breach their security and reach their hot wallets. Whatever it is, it's really sad to hear about such things.

[Stable090]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

I know nothing about the exchange, but as we can see, that’s one of the reasons why we shouldn’t leave our coin on the exchange. Anything can happen to any exchange at any particular time, so leaving our coin there is really risky and dangerous. The exchange might not be popular, but even popular exchanges with good reputations and security are being hacked, so to be on the safer side, just get a non-custodial wallet and store your coin there. If the wallet is properly secured, then nothing will be wrong with your coin, and you will have total control of your coin, not that anyone will be controlling your coin.

[Blitzboy]

Most of these exchanges make so much profit that they are willing to give people their money back even though they were hacked, how? From the profits. When you have a company as big as this, losing this much money means that you just use your profits to pay. In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

I believe that we are going to see a lot less numbers on that exchange because of this, and hopefully we will get to a point where things will be a lot easier in the end for people, should be fine in the end. I can't guarantee it, but looks like it could be something that is wildly possible in the end.

These exchanges have strong profit reservoirs, so why were they vulnerable? A safety net is nice, but shouldn't the priority be security? Imagine leaving the key to a secure vault under the doormat. Trust is essential. People may not trade or store assets on a compromised exchange. Even after getting their money back, it's a mental obstacle.  We should discuss how to secure everyone's funds while discussing the strength of these large objects. While we're about it, why not teach them how to utilize crypto safely?

[tygeade]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

I know nothing about the exchange, but as we can see, that’s one of the reasons why we shouldn’t leave our coin on the exchange. Anything can happen to any exchange at any particular time, so leaving our coin there is really risky and dangerous. The exchange might not be popular, but even popular exchanges with good reputations and security are being hacked, so to be on the safer side, just get a non-custodial wallet and store your coin there. If the wallet is properly secured, then nothing will be wrong with your coin, and you will have total control of your coin, not that anyone will be controlling your coin.

Yes true, but people do trade as well, so when we are talking about exchanges being a bit of a trouble but also talk about trading, that means that you have to leave at least some money in there so that you could keep trading.

You can withdraw it every single night if you want to before sleep, but while trading you have to deposit that money back in and trade. They are not going to allow you to trade without having your money in there, and that means it is going to be a bit of a trouble. I hope that people could do a lot better on the long run, it should be great and could help you out a lot, we should definitely consider exchanges to be helpful in these cases, such as coinex allowing people to withdraw easily.

[noorman0]

-snip-
In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

That means something. I agree with you on some points. When hacking occurs, the next issue is between users vs exchanges and this is where the danger comes in. Of course, user funds remain "safe", it's just that they are owed/frozen until the exchange is able to pay. High hacking rates sometimes make the exchange fail to fulfill its obligations to customer money on time.

[avp2306]

-snip-
In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

That means something. I agree with you on some points. When hacking occurs, the next issue is between users vs exchanges and this is where the danger comes in. Of course, user funds remain "safe", it's just that they are owed/frozen until the exchange is able to pay. High hacking rates sometimes make the exchange fail to fulfill its obligations to customer money on time.

The danger comes with it if there's no assurance that exchange could able to pay their user since if they remain those funds locked for long time meaning they don't have enough funds and maybe slowly disperse just like the same scam exchange done.

Legit exchange return their operation immediately once they settle all things and make sure their platform is safe but if issue to their user still happening then I guess this hacking is used for another exit strategy by scam platform owners.

[Dave1]

-snip-
In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

That means something. I agree with you on some points. When hacking occurs, the next issue is between users vs exchanges and this is where the danger comes in. Of course, user funds remain "safe", it's just that they are owed/frozen until the exchange is able to pay. High hacking rates sometimes make the exchange fail to fulfill its obligations to customer money on time.

The danger comes with it if there's no assurance that exchange could able to pay their user since if they remain those funds locked for long time meaning they don't have enough funds and maybe slowly disperse just like the same scam exchange done.

Top Tier exchange like Binance though said that they are SAFu, but not sure about other exchanges as well. So that's where all the danger is, if exchanges getting hack like in this case, how can they pay their customers?

Legit exchange return their operation immediately once they settle all things and make sure their platform is safe but if issue to their user still happening then I guess this hacking is used for another exit strategy by scam platform owners.

We've seen in the past the some shady exchanges really pull this exit scams. And recently there is this case,

https://www.coindesk.com/policy/2023/09/08/11196-years-in-prison-for-faruk-ozer-ceo-of-collapsed-turkish-crypto-exchange-thodex/

Faruk Fatih Özer, the founder of the collapsed Turkish crypto exchange Thodex, his sister Serap Özer and his brother Güven Özer have been sentenced to 11,196 years, 10 months and 15 days in prison, according to local media. A judicial fine of 135 million liras ($5 million approx.) was also imposed.

[dansus021]

Here some official update - https://announcement.coinex.com/hc/en-us/articles/19187420867348-Latest-Progress-of-the-Hacking-Attack-on-Sep-12-2023-Updated-on-Sep-15-

Latest Progress
Currently, CoinEx has taken the following measures:
1. Suspension of deposit and withdrawal services of all crypto assets and emergency shutdown of the hot wallet server.
2. Transfer of remaining assets from the compromised hot wallet to safe addresses.
3. Rebuilding and redeploying the wallet system.
4. Investigations into the attack led by CoinEx wallet team and security team, based on the information and clues collected.
5. Contacting exchanges to freeze the assets of malicious attackers.


CoinEx solemnly promises that users’ assets have NOT been, and will NOT be affected in this attack, and the CoinEx User Asset Security Foundation will bear the financial losses from this incident.

 

Wallet Service Recovery Plan
Currently, CoinEx is actively working to rebuild the wallet system, including 211 chains and 737 coins. The process will take some time, and we will incrementally resume deposit and withdrawal services after ensuring asset safety. For now, before the recovery is complete, we strongly advise you NOT to deposit to old addresses to avoid potential asset losses. We sincerely apologize for the inconvenience.

*We will provide timely updates on the deposit and withdrawal recovery of corresponding coins here*


for now CoinEx user only can do trade but cannot move their token outside  tho they say the team have all the money from their coldwallet lets wait and see

[Yamifoud]

I'm not affected by this because I'd never store my funds in this exchanger, and I'd never store in others as well. But this case will have a huge impact on those traders who use usually entrusted exchanges and keep their funds for a long time, and they will realize the risk of doing this.

This would be an open-eye for exchangers as well to keep their security more secure and also to give assurance for their clients to give back their money.
I hope they'll catch the person/group of people who did this but it was uncertain to get back all the money stolen from them.

[Apocollapse]

Definitely 100% safe because I hold my coins in my non custodial wallet, so even any exchange, any banks, any platform including the official website of my wallet got hacked, there's no way for the hacker can compromise my wallet.

I'm not understanding one thing, if they exchange is hacked or some other thing happens, how would someone believe them again and how could they regain their exchange? Nowadays strong security can't even safe the exchanges. Although I didn't have fund it is . Thanks God I'm safe.

Because they're stupid, just like how people leave their coins in Binance after they read Binance has SAFU.

[kentrolla]

No one is gonna get back anything as I have hardly heard about this exchange and that too for wrong reasons like bot manipulation of their trades, users should accept the reality and move on instead of hoping that Coinex will refund their funds as this exchange itself is unreliable. It's sad to see how users are losing their fund and it's high time we should start learning more metamask or hardware wallet if they could afford it.

This also pushes us towards more reliable exchange who can afford to reimburse incase of such attacks.

[Yudhisthir]

No one is gonna get back anything as I have hardly heard about this exchange and that too for wrong reasons like bot manipulation of their trades, users should accept the reality and move on instead of hoping that Coinex will refund their funds as this exchange itself is unreliable. It's sad to see how users are losing their fund and it's high time we should start learning more metamask or hardware wallet if they could afford it.

This also pushes us towards more reliable exchange who can afford to reimburse incase of such attacks.

Coinex is quite a popular exchange from popular company viabtc. Viabtc again is funded by the world's largest ASIC manufacturer, Bitmain.
The hack is now estimated to be of $54 million. Which is still a large amount but not a huge one for a large exchange.
So coinex though not the top exchange by transaction volume is a trusted exchange and large enough that it's capable of returning millions to the users.
I have an account on coinex and have some funds on it which are not affected by the hack.

[philipma1957]

At this point whoever has funds can't be felt bad for.  Exchanges are NOT wallets, and shouldn't be used as such.  Send crypto on, trade and then move of exchange.  What is so hard about this and how many "breaches" or "hacks" have to happen before people wake up lol.

Actually they have a direct link viabtc.com so they are very good if you mine with viabtc.

but you do not want a lot of coins on your the pool you mine or on an exchange.

To all that think they are unknown exchange they are very well known to the miners on viabtc.com

viabtc.com is a large pool .

granted regular traders may not know of them

[wxa7115]

I don't understand why you should keep your money on such unknown exchanges at all

No significant amount should be kept at any exchange regardless of the trust you may have in it, time and time again this lesson has been proven correct and yet traders refuse to learn it on their own, convinced that they know better and that letting a third party to store their coins is the best thing they can do.

But once there is a hack and they lose their money they begin to complain about the security of the exchange, not realizing that if they kept those coins on their own wallet then the security of the exchange becomes almost irrelevant.

[Strongkored]

I don't use this exchange, but it's nothing new for exchanges to experience hacks and it's also nothing new when they say they guarantee funds from their users, because such statements are needed to make their users feel comfortable and not make massive withdrawals.
The most important thing for exchange users is not to entrust our funds there.
If you want to continue trading, then withdraw funds there every time you finish a trading session because saving on the exchange will make our chances of losing money wide open.

[Bobrox]

Not your key is not your coins, its happening when holding or saving assets cryptocurrency in exchange market and we don't have controlling with our money safety exactly when hacking cases like Coinex are stolen $28M. I don't use with that exchange but seems there always interested exchange for investor hunting with pre sale when new coins will open pre or public sale there. Hope for all user have saving assets there when withdrawing assets open don't hold and as soon possible withdraw your money and save in wallet only not in exchange market.

I don't use this exchange, but it's nothing new for exchanges to experience hacks and it's also nothing new when they say they guarantee funds from their users, because such statements are needed to make their users feel comfortable and not make massive withdrawals.
The most important thing for exchange users is not to entrust our funds there.
If you want to continue trading, then withdraw funds there every time you finish a trading session because saving on the exchange will make our chances of losing money wide open.

I think is good ideas after trading we have withdraw trough stable coins with lower fees transaction by using USDT BSCSCAN network or Polygon, its more safety when exchange close withdrawing we have securing assets in wallet than waiting with their withdrawing back to normally and need longer time waiting for.

[X-ray]

I don't understand why you should keep your money on such unknown exchanges at all

Some people are seeing moving their money out from exchange site to go to their personal wallet takes complicated process. that's why people are being so lazy to store their money on their own wallet.
As per the latest update if the total amounts being hacked was around 70 millions. Coinex is trying so hard to solve the problem and make the platform available for anyone.

People will never learn from this and i do believe there will always be a lot of people that will keep their money in the centralized exchange site which can be hacked like that anytiem.
People are so dumb that they are not learning from their mistake.

[DeathAngel]

Nobodies funds are guaranteed to be safe on any centralised exchange, no matter what the CEO or his employees tells you. There has been more than enough disasters in the lifetime of crypto to be ample warning for investors to be aware of what could potentially happen if you are not the sole person who has access to your private keys. Self custody in cold storage people, it’s vital.

[eaLiTy]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

I was thinking that we have not heard about a major breach for months and now we have another one, it is not that of a surprise now, to hear millions of dollars worth of stolen coins from one or the other cryptocurrency business.

The amount stolen is $70 million according to reports and that too the hackers were able to compromise their private keys, no idea how they were able to do that, but many more hacks should we witness once these companies take security seriously.

[jaberwock]

-snip-
In fact, the worst thing is not the money stolen, that is fine, it's the fact that some people will leave with fear and that's even worse which would be the issue.

That means something. I agree with you on some points. When hacking occurs, the next issue is between users vs exchanges and this is where the danger comes in. Of course, user funds remain "safe", it's just that they are owed/frozen until the exchange is able to pay. High hacking rates sometimes make the exchange fail to fulfill its obligations to customer money on time.

Incidents like this happens not only limited to the crypto exchange but we are lucky that many people still continues despite of it. They know that not all are like that and they know that they need to take a risk if they want to earn a profit.

If there are still money left, and the exchange already takes an action like they already upgrade their security, maybe we can say that some funds are still safe but the exchange still owes some of their customers. I think not all exchanges are like that who can do a refund, so we must be picky or better not store any funds on them no matter how trusted they are. We shouldn't be feeding those hackers.

[wxa7115]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

I was thinking that we have not heard about a major breach for months and now we have another one, it is not that of a surprise now, to hear millions of dollars worth of stolen coins from one or the other cryptocurrency business.

The amount stolen is $70 million according to reports and that too the hackers were able to compromise their private keys, no idea how they were able to do that, but many more hacks should we witness once these companies take security seriously.

The issue is that even if exchanges take the security of their funds very seriously, hackers have all the time in the world to try to find a vulnerability that allows them to eventually get access to those funds.

This is a process which can take years, but as we can see it can be completely worth it as the amount they can steal in a single hack can be on the millions, which can be more than enough for those hackers to live the life of their dreams until the end of their days.

[cheezcarls]

I do have an account in CoinEx (and some merchs too) with around 100 USDT worth, but I have successfully moved it to my non-custodial wallet before the hack started.

It’s just unfortunate for the others who still think that it is safe to store funds in a centralized exchanges where we do not have the full custody and ownership of the coins and tokens that we have in our portfolio.

Whenever these tighter security measures are in place, it seems that the hackers are trying to be one step ahead by using their intelligent skills, patience and perseverance to make the hack successful. They’re not stopping to improving themselves, so CEXs like CoinEx must do something to implement counter measures that would prevent this hack from ever happening again.

[coinerer]

I never even heard of this exchange, so my funds are safe. I'm using Bitfinex. But I'm not keeping my crypto there anyway, I have OWNR wallet for that. Can't believe people still keeping their coins on exchanges.

Same here. i do not use coinEx exchange so i Don't care coinEx exchange stolen any amount of momey or they developing well. Why should we use CoinEx Exchanger when we can easily access better exchangers? I have never used CoinEx Exchanger in my life and I have no experience using it.  And I don't even keep track of it. And that's why I couldn't comment much on it. And I am also not sure if any of the major members of this forum use this exchanger. So I think most people on this forum have fund safe

[albon]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Source: https://thedefiant.io/coinex-exchange-hacked-for-usd28m

I feel bad about what happened, and unfortunately, the CoinEx platform is not the only one that fraudsters were able to access and steal millions of its assets, but what I recently read is that the HTX platform (formerly Houbi) was also subjected to significant thefts, and Justin Sun announced this. There are significant challenges facing the CEX exchange platforms, and frankly, these Exchanges make us believe that cold wallets are the safest option. Fortunately, I have not used the CoinEx platform before. I only use the top exchange platforms for trading and other features.

I read in CoinEx's tweet on X that they have made great strides in tracking down hackers and stolen assets and have received support from other exchange platforms. I hope they can compensate the affected users. Also, there is an essential matter through this CoinEx Announcement that there are specific currencies available for withdrawal and deposit. This exchange has not resumed all its services yet, so please beware of the false claims of scammers.

[AnonBitCoiner]

Fortunately my fund is safe. I registered in this exchange just for claiming small 10$ worth airdrop , I won in giveaway but after that I have never used this exchange. All best tokens that I trading is available in Binance and Kucoin then why I need to keep fund in other exchange. Exchange hacking is now became very easy again, HTX is also hacked and million of fund ahs been stolen. Dex and Cex both are risky and the secure place is just to hold in own wallet.

Hacking havs a very bad impact on the exchange. Users of coinex will loss trust and confidence on the exchange security and I think big amount of fund will be wipe out from exchange now. Now this is lesson for other exchange to tight security otherwise next target will be another exchange.

[milewilda]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Source: https://thedefiant.io/coinex-exchange-hacked-for-usd28m

I feel bad about what happened, and unfortunately, the CoinEx platform is not the only one that fraudsters were able to access and steal millions of its assets, but what I recently read is that the HTX platform (formerly Houbi) was also subjected to significant thefts, and Justin Sun announced this. There are significant challenges facing the CEX exchange platforms, and frankly, these Exchanges make us believe that cold wallets are the safest option. Fortunately, I have not used the CoinEx platform before. I only use the top exchange platforms for trading and other features.

I read in CoinEx's tweet on X that they have made great strides in tracking down hackers and stolen assets and have received support from other exchange platforms. I hope they can compensate the affected users. Also, there is an essential matter through this CoinEx Announcement that there are specific currencies available for withdrawal and deposit. This exchange has not resumed all its services yet, so please beware of the false claims of scammers.

What matter most here is that those affected users should really be getting that compensation or given their funds back but i highly doubt that it would really be something that so easy to happen if ever the hacked amount
isnt really that small or really that significant. If they have said about those possible compensation then it would be a good news into those affected users but if not then it would really be a never ending kind of begging on
getting their funds back. I do remember about that Mt.Gox too that even up to now which people do really still hope on getting their funds back after how many long years that had passed.
It doesnt really have no sense on making yourself that storing that huge amount on any centralized platform even if we do say about storing it in Binance. It doesnt really give out guarantees that those coins are completely
safe because once hacking or locked up happen then you cant really be able to assure that you would really be seeing your coins again.Just like the rest been saying on here that this is my first time on hearing out this platform and its really shocking that why people do really love on engaging on platforms on which they arent really that popular or known. We know that exchange platforms are really that a common honey sweet spot for hackers. Bare in mind  that even Binance had suffered losses or breaches too which we do consider that security might be more tighter and more secure but still things do happen.
How much more into those lower ones?

[JeffBrad12]

Nobodies funds are guaranteed to be safe on any centralised exchange, no matter what the CEO or his employees tells you. There has been more than enough disasters in the lifetime of crypto to be ample warning for investors to be aware of what could potentially happen if you are not the sole person who has access to your private keys. Self custody in cold storage people, it’s vital.

true, but at least choosing exchange that has massive amount of money at least have the ability of recovering back even after getting hacked is better than choosing exchange that gonna get bankrupt when it got hacked.
but its always better to keep the money in our own wallet whenever we are done with trading and investment because as you said not your private key not your money.
moreover if its hardware wallet we're talking about we also get additional security, so far its just no brainer to keep the money in our own wallet instead.
but it still doesn't change the fact that hundred thousand of people would still outright keep their money in these exchanges.

[wxa7115]

Nobodies funds are guaranteed to be safe on any centralised exchange, no matter what the CEO or his employees tells you. There has been more than enough disasters in the lifetime of crypto to be ample warning for investors to be aware of what could potentially happen if you are not the sole person who has access to your private keys. Self custody in cold storage people, it’s vital.

true, but at least choosing exchange that has massive amount of money at least have the ability of recovering back even after getting hacked is better than choosing exchange that gonna get bankrupt when it got hacked.
but its always better to keep the money in our own wallet whenever we are done with trading and investment because as you said not your private key not your money.
moreover if its hardware wallet we're talking about we also get additional security, so far its just no brainer to keep the money in our own wallet instead.
but it still doesn't change the fact that hundred thousand of people would still outright keep their money in these exchanges.

The only way we can explain how this keeps happening is through a process of willing ignorance and greed that is out of control.

As the hacks to exchanges are not uncommon, so all of those people should have heard about such events at least once, and despite that knowledge they simply decide to ignore it thinking it will never happen to them, but how they can be so blind? That is when greed reveals its ugly face, as traders on their desire to maximize their profits prefer to leave their coins at exchanges, sacrificing the security of their coins and any possibility of saving themselves in the case a hack were to happen.

[$crypto$]

All best tokens that I trading is available in Binance and Kucoin then why I need to keep fund in other exchange. Exchange hacking is now became very easy again, HTX is also hacked and million of fund ahs been stolen. Dex and Cex both are risky and the secure place is just to hold in own wallet.

You should also not store assets on Binance and Kucoin even though they are said to be the best exchanges, the risk of storing on exchanges is always there, if you are only limited to trading and not storing there then it is quite safe because it is for short-term use.
Nothing is safe on a centralized platform even if it's DEX but hackers always have loopholes where they can steal it.

Hacking havs a very bad impact on the exchange. Users of coinex will loss trust and confidence on the exchange security and I think big amount of fund will be wipe out from exchange now. Now this is lesson for other exchange to tight security otherwise next target will be another exchange.

This is a threat to a platform even if they have a strict security system but hackers always manage to break the security of the platform which in the end they lose a lot of money including customer funds.
In the last few days there have been many cases of hacking with high amounts.

[@sriyan]

A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.

Source: https://thedefiant.io/coinex-exchange-hacked-for-usd28m

Cyvers Alerts, a crypto alert platform, reported that one address received over $5 million in various assets from CoinEx - https://etherscan.io/address/0xcc1ae485b617c59a7c577c02cd07078a2bcce454

Well-known X/Twitter crypto investigator, ZachXBT, shared more addresses related to the breach in his Telegram. The story is still developing. Anyone affected? Please share your story.

We can not trust the centralized exchanges these days. They have own exit plan. Some of them are hacked by others. Also some of the exchanges are hacked by themself. So it is better to avoid centralized exchanges. In my case, I never stored any crypto in CEX. I have multiple hardware wallets to store the crypto.

Eg :
1. Safepal hardware wallet

[Biznesmen]

Whatever scam happens, people are always ready to believe in CoinEx. It's more secure and reliable, and it offers a seamless and user-friendly experience for both beginners and experienced traders. It has advanced security measures, including two-factor authentication and cold storage, to ensure the safety of your funds. It also offers advanced trading tools like margin trading and futures contracts. And still, some people have mixed feelings about this, but still, the crypto market is a speculative market, so people's decisions are ultimately unlikely to use hardware wallets. But all are aware of scammers alerts, and they prefer to use the most safe wallets, whether they're one or more.