CoinEx Seeks Dialogue With Hackers For Asset Recovery

Republished By Plato

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CoinEx wants a peaceful resolution with hackers behind the September 12th exploit.

CoinEx, a Hong Kong-based cryptocurrency exchange, has revealed that it would like to negotiate with the hackers responsible for the recent security breach.

Following the cybersecurity lapse that saw the theft of millions of dollars worth of cryptocurrency, CoinEx broke its silence in an open letter dated September 15th.

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In the statement, the crypto exchange explicitly addressed the hackers, inviting them to discuss the safe return of the stolen assets.

We hope you recognize the impact of this event on each one of those users. We sincerely invite you to work with us to resolve this issue in a secure, more reasonable, and more user-friendly manner.

The crypto exchange has also made an unusual but straightforward proposal to the hackers. CoinEx has offered a “generous bug bounty” reward for the return of the stolen assets and expressed an interest in collaborating with the hackers to enhance its security infrastructure.

According to blockchain investigator ZachXBT, a notorious hacker collective linked to North Korea, the Lazarus Group, is the perpetrator behind the security breach.

On September 12th, the hackers targeted the platform’s hot wallets, initially believed to have stolen around $30 million. However, after ongoing investigations, CoinEx adjusted the estimated loss to approximately $70 million.

In a bid to regain customer trust, the cryptocurrency exchange also highlighted its commitment to strengthening its security measures.

We focus on upgrading the wallet architecture, calculating losses, and freezing related suspicious addresses by coordinating with industry partners and peer exchanges.

The firm announced that withdrawals would resume in stages after stringent security checks are in place. The platform further promised to fully reimburse affected users, although specifics of the compensation are yet to be disclosed.

CoinEx is taking a multi-pronged approach to deal with the aftermath of a damaging security breach. By inviting the hackers for a peaceful resolution and offering a substantial reward for the return of stolen assets, CoinEx hopes to navigate a path to recovery.