CoinEx, a prominent cryptocurrency exchange, is suspected to have fallen victim to a hacking attempt, adding a twist to the crypto world. Reports indicate that assets worth over $27.8 million from the platform’s hot wallets for ETH, TRON, and Polygon may have been compromised.
Concerns raised by crypto news reporter Colin Wu suggest that CoinEx’s hot wallets for ETH, TRON, and Polygon have potentially been hacked, putting over $27.8 million worth of assets at risk. In response, the platform is reportedly transferring the affected assets to a cold wallet address.
The cold wallet in question (0xf54…7E5d) currently holds $89 million, primarily consisting of ETH ($51.7 million) and USD ($18.23 million). While no official statement has been released, experts emphasize the need for enhanced security measures to prevent future incidents.
Despite the hacking incident, CoinEx remains committed to its growth plans. The exchange, catering to both experienced traders and beginners, has witnessed significant growth since its establishment in 2017. However, CoinEx also faces legal challenges, as it was recently sued by a New York state attorney over business registration violations.
In line with its vision of fostering a robust cryptocurrency trading ecosystem, CoinEx has announced a partnership with a Web3 conference. This collaboration aims to enhance the trading experience for users from diverse backgrounds. Nevertheless, how CoinEx handles the hacking incident will greatly impact its long-term credibility.
As CoinEx strives to balance security concerns and ambitious expansion strategies, it faces immense pressure to strengthen platform security and maintain the trust of its extensive user base.