Over $23 Million Worth of ETH and XRP Stolen in CoinEx Hack

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Over $23 Million Worth of ETH and XRP Stolen in CoinEx Hack

In a sad development, CoinEx crypto exchange reported a hack that drained over $23 million worth of crypto assets from the platform. On September 12, the attention of the crypto community was drawn to the suspected hack.

The Hong Kong-based crypto exchange experienced an abnormal crypto withdrawal to a wallet address with no recorded history. This led to security experts raising speculations of a potential hack.

Cyvers Alert – a blockchain security platform reported this on X (formerly Twitter), estimating the total funds lost to be almost $27 million. The crypto assets affected in this incident include Ethereum (ETH), Ripple (XRP), TRON, and Polygon (MATIC).

However, another crypto-tracking platform, MistTrack reported earlier today that the amount of stolen funds is now valued at $54 million. MistTrack arrived at this conclusion after monitoring the hacker’s address.

Over 12.62 million XRP (estimated at $6.06 million) were stolen from the exchange. The second largest cryptocurrency in the world, Ethereum recorded the most significant loss. About $17.5 million ETH tokens were stolen by the perpetrators.


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CoinEx immediately responds

Following the breach, CoinEx responded swiftly by identifying the wallet addresses linked to the hack. To prevent further loss, the exchange quickly transferred funds from the hacked hot wallet to more secure cold storage.

Furthermore, CoinEx is seeking assistance from affected projects and other well-meaning industry colleagues to flag and freeze addresses associated with the incident, and subsequently recover stolen funds.

Meanwhile, CoinEx continues to assure its users that their assets are secure with the platform, claiming that the affected fund is just a “very small portion” of CoinEx’s total assets. In addition, it announced that victims would get fully compensated for their losses.

“We assure all users: your assets are secure and untouched. Affected parties will receive 100% compensation for any loss due to this breach. For added security, deposit & withdrawal services are temporarily suspended and will resume after a thorough review,” it said in a statement.

Finally, CoinEx pleads for patience and understanding from its users, reiterating its priority as the security and trust of its users.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.