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CoinEx restores deposit and withdrawal services after hack



CoinEx has officially announced the reactivation of deposit and withdrawal services for a  total of 346 cryptocurrencies, effective immediately. This comes days after the platform suffered a hack resulting in the theft of over $70 million.

CoinEx is a global cryptocurrency exchange founded in December 2017. It is headquartered in Hong Kong and possesses an Estonian Virtual Currency Exchange License.

Previously, it supported over 400 digital assets, including BTC, ETH, DOGE, LTE, and XRP. The platform offers buying and selling of cryptocurrencies with credit cards.

The exchange noted that the theft was due to a breach of the private key of one of its hot wallets. In response to the incident, it assured users that it employs a 100% asset reserve framework to secure all users’ funds.

Furthermore, the exchange mentioned that in the unlikely event of any user fund losses, CoinEx’s User Asset Security Foundation would cover them.

Subsequently, after a few days of promising to resume operations, the exchange resumed its services to serve its customers. It added that its decision to reinstate its services also comes after a meticulous process of building up validation points and synchronizing operations across various public blockchains. 

Considering the complexities of configuring these validation points for various public blockchains, CoinEx has advised its users to be patient as the process of resuming deposit and withdrawal services may require some time.

Furthermore, it advised users to always rely on official sources for updates regarding the resumption of its services to avoid talking to scammers. 

It also noted that only the cryptocurrencies that were explicitly mentioned in the previous week’s announcement and listed on the official Fee Standard page are currently available for deposit and withdrawal. 

“Any claims stating that CoinEx has resumed services for other cryptocurrencies are false & scam-related,” it said.

CoinEx expressed its gratitude to its user community for their patience and continued support as they work diligently to provide a secure and reliable platform for cryptocurrency trading and transactions.

Read also; CoinEx’s Hot Wallet suspected to be breached

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