In a recent announcement, prominent Hong Kong-based crypto exchange CoinEx revealed its plans to resume deposit and withdrawal services for its users.
The resumption follows a recent exploit led by compromised wallet keys that saw bad actors move millions of dollars.
The recent update from the exchange noted that CoinEx has reconstructed a new wallet system for the withdrawal and deposit activities to commence. Moreover, CoinEx stated it anticipates finalizing the deployment of the new address system from tomorrow, September 21.
🚫🚫 DO NOT use old addresses. 🚫🚫
🚫🚫 Assets sent there will be lost. 🚫🚫
— CoinEx Global (@coinexcom) September 20, 2023
CoinEx Opens Services for 10 Cryptos
Meanwhile, the exchange highlighted that the withdrawal and deposit service is open for specific cryptocurrencies.
According to the update, CoinEx is resuming the service for Bitcoin (BTC), Ethereum (ETH), Litecoin (LCT), Tron (TRX), Binance Coin (BNB), Dogecoin (DOGE), Bitcoin Cash (BCH) and Shiba Inu (SHIB). The withdrawal and deposit also extended to stablecoins Tether (USDT) and Circle USD (USDC).
Furthermore, CoinEx issues a crucial cautionary message. It warned users not to employ any previously saved old deposit wallet addresses, as such addresses have ceased functioning. It mentioned that funds sent to old wallets will be irretrievably lost.
CoinEx emphasized the necessity of double-checking and ensuring the use of the new deposit address before initiating any deposits.
Also, CoinEx hinted at potential disruptions in the coming days. It informed users that a significant volume of pending withdrawal requests might accumulate, causing delays in processing.
Given the envisaged situation, CoinEx encouraged users to exercise patience, with the assurance that it is working to ensure the stability of the new wallet system. Moreover, the exchange noted that it would gradually restore withdrawal and deposit services for additional assets.
Following this upgrade, CoinEx pledged to enhance its security infrastructure, fortify risk management systems, and allocate further resources to bolster security measures.
About a week ago, CoinEx suffered an exploit where $70 million was reportedly stolen. According to ZachXBT, a prominent blockchain security breach tracker, the notorious North Korean hacking group was responsible for the exploit.