CoinEx has undergone a complete reconstruction of its wallet system after the $70 million hack.
The exchange will recommence deposit and withdrawal services for specific cryptocurrencies.
Deposit and withdrawal services of BTC, ETH, USDT, USDC and other seven tokens will resume from September 21.

CoinEx, the cryptocurrency exchange that recently fell victim to a $70 million hack due to compromised hot wallet private keys, is preparing to reinstate deposit and withdrawal services for its users. This significant development comes after more than a week of intense efforts to address the security breach, which was reportedly orchestrated by the notorious North Korea’s Lazarus Group.

According to reports, CoinEx is currently prioritizing the creation and deployment of an entirely new wallet system. The new system will support the vast array of 211 blockchains and 737 tokens that were originally served by the platform before the hacking incident occurred.

CoinEX deposits and withdrawals to resume starting Sept. 21

In its most recent statement, CoinEx officially announced the resumption of deposit and withdrawal services for popular cryptocurrencies such as BTC, ETH, USDT, USDC, and others, starting from September 21. CoinEx is taking this step forward with utmost caution and responsibility.

1/ #CoinExResponseUpdate – We’ll be resuming Deposit & Withdrawal services for $BTC, $ETH, $USDT, $USDC & other cryptos, starting on Sep 21, 2023 at 08:00 UTC.

🚫🚫 DO NOT use old addresses. 🚫🚫
🚫🚫 Assets sent there will be lost. 🚫🚫

Details: https://t.co/YoFRF3ze0Q pic.twitter.com/Nzlq7ZaYGU

— CoinEx Global (@coinexcom) September 20, 2023

CoinEx will resume these essential services for a total of 11 cryptocurrencies. To enhance security, the exchange will also update deposit addresses for the listed tokens, generating new deposit addresses for its users.

It’s crucial for CoinEx customers to note that they should not deposit funds into old addresses on the platform, as doing so could lead to permanent loss of assets.

The exchange has offered a word of caution regarding the potential backlog of pending withdrawals as it resumes full operations. They emphasized their commitment to ensuring the stability of the new wallet system and their gradual approach to resuming deposit and withdrawal services for additional assets.

CoinEx has consistently reassured its user base by implementing a 100% asset reserve policy, aimed at safeguarding users against any potential security threats. Previous updates following the hacking incident affirmed that users’ assets remained unaffected and that CoinEx’s User Asset Security Foundation was prepared to cover any financial losses that might arise.

The post CoinEx set to resume deposits and withdrawals appeared first on CoinJournal.

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Filed under: Bitcoin - @ September 20, 2023 1:13 pm