CoinEX to resume service with new wallet system following M hack

Cryptocurrency exchange CoinEx will resume user deposits and withdrawals more than a week after it suffered a $70 million hack due to the leak of hot wallet private keys.

In previous correspondence with Cointelegraph, the exchange outlined its priorities for building and deploying a new wallet system to facilitate activity on the 211 blockchains and 737 tokens it served prior to the hack.

Newest statement The exchange announced that it will resume deposit and withdrawal services for BTC, ETH, USDT, USDC and other currencies from September 21.

CoinEx will resume deposits and withdrawals of 11 cryptocurrencies.

CoinEx will update the stored value addresses of the listed tokens and generate new stored value addresses for its users.

CoinEx customers are advised not to deposit funds to old addresses on the platform as this will result in permanent loss of assets. The exchange also warned that there could be a large number of pending withdrawals upon resumption of operations:

“We ensure that the new wallet system is stable, and we will gradually resume access payment services for more assets.”

The exchange maintains that it has implemented a 100% asset reserve policy to protect users from potential security threats. Updates following the previous hack also stated that user assets were not affected and that the CoinEx User Asset Security Foundation would be responsible for any financial losses.

Cointelegraph has reached out to CoinEx to determine whether refunds will be issued to users if assets are affected by the incident or are affected in the future.