CoinEx Resumes Deposits, Withdrawals After Suffering $70M Hack From Lazarus Group

CoinEx has initiated its withdrawals and deposits service after it suffered a $27 million hack earlier this month.

The company expects the wallet service to be reconstructed and deployed on Sep. 21 as disclosed in a company blog post.

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CoinEx is also updating deposit addresses for some assets, including Bitcoin (BTC), Ethereum ETH/USD, Litecoin LTC/USD, Bitcoin cash BCH/USD, Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Binance coin BNB/USD.

The Walnut Creek, California-based startup has alerted investors to not use the old addresses as assets sent to them will be permanently lost as only the new addresses will function.

CoinEx is expected to see a rush in several withdrawals and withdrawal times are likely to take longer than usual due to the company making sure of a stable new wallet system with capabilities to resume withdrawals and deposits for more assets.

Led by compromised hot wallet private keys, CoinEx suffered a $27 million hack on its exchange earlier this month. Post the attack, the exchange announced that creating a new wallet system for the 211 blockchains and 737 tokens it currently supported was the top priority. However, CoinTelegraph reported that CoinEx has further updated asset details that were stolen on Sep. 20 and CoinEX admitted that hackers stole cryptocurrency worth almost $70 million.

CoinEx is currently examining the matter. However, blockchain analytics company Elliptic, has attributed the event to the North Korean “Lazarus Group.”

CoinEx’s User Asset Security Foundation has ensured to repay any monetary damages caused by the hacking event. The exchange also claims to have a 100% asset reserve policy for customer protection.

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