CoinEx Rebounds with Enhanced Security Measures After Major Hack

CoinEx announced its comeback with heightened security measures to protect user assets.

Two hackers getting coins transfered to them.
Created by Kornelija Poderskytė from DailyCoin
  • CoinEx will resume deposit and withdrawal services.
  • The exchange will adopt strengthened security measures
  • New deposit addresses will be generated for users.

On September 12th, cryptocurrency exchange CoinEx Global suffered a security breach in which $54 million was siphoned.

After temporarily suspending operations to assess the severity of the breach, the exchange is set to recommence operations with a renewed focus on user protection, as it announced bolstered security mechanisms and strengthened protocols.

A New Start

In an official press release on September 20th, CoinEx revealed its plans to resume deposits and withdrawals of assets starting September 21st. These include BTC, ETH, TRX, USDC, and other cryptocurrencies.

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CoinEx stated that users’ old deposit addresses would be upgraded to a new system and hastened to add that customers must refrain from using their old addresses for transactions as they will no longer function. Any assets sent to them would be irretrievably lost. 

The exchange warned its users of potential delays in processing withdrawal requests, anticipating a surge as operations resume.

Users were assured that the exchange will gradually reintroduce deposit and withdrawal services for a wider range of assets once the stability of the new wallet system has been confirmed at scale.

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The firm stated that it will continue to invest in enhanced security construction and risk management systems to protect user assets.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.