CoinEx Provides Progress Update on Wallet System Reconstruction Following Recent Hack

CoinEx, a leading cryptocurrency exchange, has released an update regarding the ongoing efforts to address the recent security breach. The exchange issued a cautionary note, emphasizing that any claims suggesting the resumption of withdrawal services are false and potentially associated with scams. Users have been urged to report such messages and avoid suspicious communications.

As of September 18th, CoinEx has achieved significant progress in reconstructing its wallet system, with 50% of the process now completed. The exchange has finalized its strategy for gradually restoring withdrawal services and plans to begin this process within the next seven working days. The overarching priority, reiterated by the CoinEx team, is to ensure the utmost security of user assets before reactivating withdrawal functionality.

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In addressing the unique challenges posed by cryptocurrencies with limited circulating supplies, CoinEx is actively developing compensation strategies to mitigate market purchase difficulties.

The exchange acknowledges the anxiety and uncertainty experienced by its user base during this waiting period and extends gratitude for its unwavering support. CoinEx remains resolute in its commitment to delivering a new wallet system that offers the highest level of security, and the company assures users that their assets are, and will remain, completely secure. The initial hack was discovered on September 5th via an update by the firm and on-chain monitors.

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Collaboration efforts

The firm then issued a letter on September 15th, appealing to the hackers’ sense of shared purpose within the blockchain community and their potential to contribute positively to the industry. CoinEx expressed its desire to establish open lines of communication to discuss demands and seek a reasonable resolution.

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The exchange acknowledged its vulnerabilities and the need for improved security. It recognized that the assets at stake represented the trust of millions of users worldwide and invited the hackers to consider the impact on affected users. CoinEx encouraged the hackers to engage in dialogue and negotiation through blockchain channels or the official support email address.

Furthermore, the exchange extended an offer of a generous bug bounty as a reward for the safe return of the stolen assets. It emphasized that cyberattacks are considered severe global criminal acts, and legal responsibilities cannot be avoided.