CoinEx Determined The Strategy To Resume Withdrawal

Key Points:

• CoinEx has achieved a significant milestone by finishing half of its wallet system reconstruction after a cyberattack.
• The exchange has outlined a strategy to gradually restore withdrawal services within 7 working days.
• Following the recent security breach, it revealed that approximately $70 million was stolen, which is higher than previously reported.

CoinEx has announced significant progress in its ongoing efforts to recover from a recent cyberattack. The crypto exchange confirmed that it has successfully completed 50% of its wallet system reconstruction and is now prepared to implement a strategy to resume withdrawals.

The team at CoinEx has outlined a plan to gradually restore withdrawal services within a span of 7 working days. Emphasizing the paramount importance of safeguarding users’ assets, the exchange is determined to ensure 100% asset safety before reactivating withdrawal functionality.

In response to the challenges posed by certain cryptocurrencies with lower circulation, CoinEx is also in the process of formulating compensation strategies.

The recent security breach, attributed to North Korean hackers, resulted in the theft of approximately $70 million in funds, an amount higher than initially reported. However, the exchange reassured its users that the stolen funds represent only a fraction of its total assets.

In a candid open letter dated September 15, CoinEx acknowledged the incident as a crucial lesson in fortifying asset security. The exchange extended an invitation to the hackers, offering a “generous bug bounty” in exchange for the return of stolen assets and expressing a willingness to collaborate with them on future security upgrades.

CoinEx remains committed to the restoration of full services and the reinforcement of its security infrastructure, as it endeavors to regain the trust of its user base.

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