CoinEx Rebuilds Trust With Resilience And Communication In The Security Breach Aftermath
The post CoinEx Rebuilds Trust With Resilience And Communication In The Security Breach Aftermath appeared on BitcoinEthereumNews.com.
It was a grim moment for Hong Kong-based crypto exchange CoinEx when it shared news regarding a formidable security breach on September 12. The news unfolded on the former Twitter X platform that the hacking incident resulted in the loss of $70 million from its hot wallets. But in less than a week, the exchange team was able to formulate a solution and is in the process of system upgrades and maintenance. As these anti-hack maneuvers are underway, CoinEx has regained its spot as one of the leading exchanges, proving its resilience. Here’s how CoinEx managed to navigate one of the biggest security breaches in the history of crypto exchanges: The first hack response update from CoinEx came on the X platform to inform all active users regarding isolating suspicious crypto wallet addresses. The exchange and its vigilant team didn’t waste a moment in detecting unusual activities but ended up losing $70 million. Immediate actions taken by CoinEx Realizing the security breach, CoinEx notified the community and also assured affected users of receiving 100% compensation for any loss. Even the CEO came out on X and publicly apologized to the CoinEx community of users. CoinEx collaborated with a dozen other crypto exchanges to identify and isolate suspicious wallet addresses. Each of these wallets is linked to the hacking incident. The exchange team didn’t waste a moment in temporarily suspending the deposit and withdrawal services to ensure the safety of the remaining assets. After 72 hours of total blackout on the exchange platform, the CoinEx team answered a number of pressing questions from concerned users on X. Additionally, CoinEx has respectfully reached out to other exchanges, kindly requesting their assistance in blacklisting the suspicious wallet addresses. It was a display of solidarity and collaboration within the crypto industry, which is a…
Filed under: News - @ October 17, 2023 4:22 pm