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BREAKING: Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BREAKING: Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million

Ronaldo Marquez
Ronaldo Marquez
1 year ago
2 mins read
CoinEx

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In a concerning development, popular crypto exchange CoinEx is believed to have fallen victim to a suspected hack, resulting in significant losses from its Ethereum (ETH), TRON (TRX), and Polygon (MATIC) hot wallets. The incident, which unfolded on Tuesday, has sparked an ongoing investigation into the security breach.

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Alarming Depletion Of CoinEx ETH Reserves

According to reports by Colin Wu, a prominent cryptocurrency journalist, CoinEx reportedly lost a staggering 4,946 ETH and 354,762 TRX as part of the ongoing drain from the exchange’s wallets. 

The total value of the funds lost surpasses $27.8 million, adding to the growing list of high-profile cryptocurrency exchange breaches. In his latest update, Colin Wu stated:

CoinEX is moving the affected hot wallet assets to the cold wallet address 0xf54…7E5d. CoinEX wallets currently hold $97.83 million in assets, of which $89 million are stored in the cold wallet address 0xf54…7E5d, mainly ETH worth $51.7 million and USDT $18.23 million. 

What’s more, In a concerning revelation, Julio Moreno, the Head of Research at CryptoQuant, has shed light on the peculiar behavior surrounding CoinEx’s Ethereum reserves. 

CoinEx
CoinEx’s Ethereum exchange reserve. Source: Julio Moreno on X.

The exchange has experienced a staggering depletion of its ETH holdings, with almost 5,000 ETH mysteriously vanishing within a single hour and a total loss of approximately 40,000 ETH since May. As a result, CoinEx’s ETH reserves now stand at virtually zero.

CoinEx, however, has remained silent on the matter, refraining from issuing an official statement regarding the suspected hack. 

The depletion of CoinEx’s ETH reserves indicates a potentially grave situation, as it suggests a significant outflow of funds from the exchange. Such a rapid decline in ETH holdings may have severe implications for CoinEx’s liquidity and ability to meet customer withdrawal demands.

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CoinEx’s stakeholders and the wider cryptocurrency community will closely watch how the exchange responds to these developments. Complemented by transparent communication, swift and decisive action will be vital in navigating this challenging situation and working towards a resolution.

CoinEx
The total crypto market cap reclaims the daily chart’s $1 trillion mark. Source: TOTAL on TradingView.com

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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