Alert: CoinEx Faces $27.8 M Attack; ETH, TRON And Polygon 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. 

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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.

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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.

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