Key Insights
- Was CoinEx crypto exchange hacked in a $27 million security breach?
- Suspicion arose when a known CoinEx hot wallet sent substantial amounts of Ether and other tokens to an unfamiliar address with no transaction history.
- Experts, including blockchain security firms and researchers, have raised concerns about the security breach.
On September 12th, cryptocurrency exchange CoinEx raised concerns when it experienced significant outflows to an address lacking any prior transaction history, sparking suspicions of a potential hack.
Experts from the blockchain security platform Cyvers Alerts estimate the losses to be around $27 million.
🚨Red Code🚨Our AI-powered model detected suspicious transactions related to @coinexcom 2 hours ago
The potentially stolen funds amount to $18.12M #Eth $8.5M #Tron and $291K in #Polygon
Possible causes: access control violations, private key leakage, rug pulling, insider job https://t.co/Wzw84azM9M pic.twitter.com/2bqHmE18Sr
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 12, 2023
Was CoinEx Hacked?
Around 1:21 p.m. UTC today, a well-known CoinEx hot wallet transferred roughly 4,947 Ether (ETH) valued at $7.9 million at that time to the Ethereum account 0x8bf8cd7F001D0584F98F53a3d82eD0bA498cC3dE, which had no prior transaction history.
Immediately following this transfer, the same CoinEx hot wallet initiated large token transfers to the same address, including 408,741 DAI stablecoins, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, and various other tokens.
Blockchain security firm PeckShield labeled these outflows as “suspicious,” while CryptoQuant’s head of research, Julio Moreno, described CoinEx’s wallet behavior as “strange,” noting that Ether reserves were effectively depleted as a result of these transactions.
As the news rippled through the crypto space, the burning question remains: Has CoinEx fallen victim to a major hack, potentially exposing the assets of countless users?
At the time of this report, CoinEx had remained tight-lipped and had not issued any public statement regarding this incident, thus leaving its users and the wider cryptocurrency community in a state of apprehension and uncertainty.
This potential security breach underscores the ongoing challenges and risks associated with the cryptocurrency market, where the absence of centralized oversight can leave users vulnerable to unexpected and substantial losses.
Please note that this situation is evolving, and further developments may emerge. We will continue to monitor and provide updates as the story unfolds.
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