Alert: CoinEx Faces $27.8 M Attack; ETH, TRON And Polygon Compromised
CoinEx, a leading cryptocurrency exchange platform, is believed to have fallen victim to a hacking attempt, adding a twist to the crypto world. Although the exchange has not officially confirmed the breach, reports suggest that over $27.8 million in assets from the platform wallets for ETH, TRON, and Polygon may have been compromised.
Hacking Incident: Hot Wallets Under Attack
Colin Wu, a crypto news reporter, has raised concerns that CoinEX’s hot wallets for ETH, TRON, and Polygon might have been hacked, potentially impacting over $27.8 million worth of assets. In response, the platform is reportedly transferring the affected assets to a cold wallet address.
The cold wallet in question (0xf54…7E5d) currently holds $89 million, primarily consisting of ETH ($51.7 million). USD ($18.23 million). While no official statement has been issued yet, industry experts are advocating for security measures to prevent incidents in the future.
Maintaining a Balance between Security and Expansion
Despite facing challenges from a hacking incident, CoinEx remains committed to its plans for growth. Since its inception in 2017, the exchange has reportedly experienced growth and caters to both traders and beginners alike. Recently, as reported by coingape, CoinEx was sued by a New York state attorney over violations related to registration of business.
In line with its vision of fostering a cryptocurrency trading ecosystem, CoinEx recently announced a partnership with a Web3 conference. This collaboration aims to solidify CoinEx’s dedication to providing users from backgrounds with top-notch trading experiences. While this new alliance is considered a step for the platform, how CoinEx handles the hacking incident will play a role in determining its long-term credibility.
This is a moment for CoinEx as it strives to balance security concerns and ambitious expansion strategies. With potentially millions worth of assets at stake, the exchange faces pressure not only to fortify its platform security but also to maintain the trust of its extensive user base.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
