Cryptocurrency exchange CoinEx has fallen victim to a security breach, leaving users concerned about the safety of their digital assets. The breach occurred on September 12, 2023 and was detected by CoinEx 's Risk Control System, leading to an immediate response to investigate and mitigate the situation.
Preliminary findings show that unauthorized transactions involving several cryptocurrencies, including Ethereum (ETH), TRON (TRX), and Polygon (Matic), took place during the breach. The exact extent of the damage is still being assessed, but it's important to note that the amount of money compromised represents only a small portion of CoinEx's total assets.
CoinEx was quick to reassure its user base, emphasizing that all of its assets remain safe and unaffected despite the breach. To further protect user funds and conduct a comprehensive review of security measures, the exchange has temporarily suspended deposit and withdrawal services.
One of the most reassuring aspects of CoinEx 's response to the incident is its commitment to fully compensate affected parties. The exchange pledged to compensate 100% of the losses incurred due to this breach, demonstrating its strong dedication to safety and customer satisfaction.
Furthermore, CoinEx promised to provide a detailed timeline and comprehensive report of the breach as soon as possible. This transparency is important in rebuilding trust with the community and addressing concerns about the incident.
The breach was initially discovered by Cyvers Alerts, an independent security company. Deddy Lavid, CEO of Cyvers Alerts, revealed that his company made significant efforts to contact CoinEx executives about the threat. However, it appears that CoinEx did not respond promptly to these efforts, raising questions about communication and cooperation in dealing with the breach.
Cyvers Alerts estimates that the attack caused approximately $27 million in losses. This includes Ethereum ($18.12 million), TRON ($8.5 million), and Polygon ($291,000), along with many other ERC-20 Token .
CoinEx users and the broader cryptocurrency community are concerned about the security of their digital assets following this breach. CoinEx 's quick response, commitment to compensation, and promise of transparency are positive steps toward regaining trust. However, the incident highlights the ongoing need for strict security measures in the cryptocurrency space and the importance of timely communication between exchanges and security firms to prevent and Respond effectively to those violations.
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