$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.

[1714622737]

1714622737

[1714622737]

1714622737

[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.