CoinEx Faces $27.8 M Attack; ETH, TRON And Polygon Compromised

CoinEx Faces $27.8 M Attack; ETH, TRON And Polygon Compromised

CoinEx, a leading cryptocurrency exchange platform, is believed to have fallen victim to a hacking attempt, adding a twist to the crypto world. Although the exchange has not officially confirmed the breach, reports suggest that over $27.8 million in assets from the platform wallets for ETH, TRON, and Polygon may have been compromised. 

Hacking Incident: Hot Wallets Under Attack

Colin Wu, a crypto news reporter, has raised concerns that CoinEX’s hot wallets for ETH, TRON, and Polygon might have been hacked, potentially impacting over $27.8 million worth of assets. 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). USD ($18.23 million). While no official statement has been issued yet, industry experts are advocating for security measures to prevent incidents in the future.

Maintaining a Balance between Security and Expansion

Despite facing challenges from a hacking incident, CoinEx remains committed to its plans for growth. Since its inception in 2017, the exchange has reportedly experienced growth and caters to both traders and beginners alike. Recently, as reported by coingape, CoinEx was sued by a New York state attorney over violations related to registration of business. 

In line with its vision of fostering a cryptocurrency trading ecosystem, CoinEx recently announced a partnership with a Web3 conference. This collaboration aims to solidify CoinEx’s dedication to providing users from backgrounds with top-notch trading experiences. While this new alliance is considered a step for the platform, how CoinEx handles the hacking incident will play a role in determining its long-term credibility.

This is a moment for CoinEx as it strives to balance security concerns and ambitious expansion strategies. With potentially millions worth of assets at stake, the exchange faces pressure not only to fortify its platform security but also to maintain the trust of its extensive user base.

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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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