Suspected $28 Million Coinex Hot Wallet Hack Emerges

Numerous reports have surfaced, pointing to a potential security breach in Coinex’s hot wallets, suggesting a hacker’s involvement. Peckshield, a blockchain security and data analytics firm, observed a concerning pattern – an unusual outflow of substantial assets originating from addresses affiliated with Coinex. These reports claim that a sum of nearly $28 million vanished from these accounts.

Coinex Faces Potential $28 Million Hack as Onchain Reports Point to Hot Wallet Breach; Full Details Still Unknown

Several reports have surfaced, painting a troubling picture of a potential hot wallet hack at Coinex. On Tuesday, September 12, 2023, alarming news broke that the exchange might have fallen victim to a security breach involving ETH, MATIC, TRX, and several other crypto assets resulting in a staggering loss of an estimated $27.8 million.

Adding to the intrigue, blockchain security and data analytics firm Peckshield had issued a foreboding warning to Coinex on that very Tuesday:

Hi [Coinex], suspicious outflow of large funds from [Coinex] hot wallets.

Despite multiple accounts of onchain activity indicating a breach, Coinex has remained silent on the matter as of 1:00 p.m. Eastern Time on Tuesday. For context, Coinex stands as a distinguished global cryptocurrency exchange, founded in December 2017, with its headquarters nestled in the bustling city of Hong Kong. The exchange is the brainchild of none other than Haipo Yang, a prominent figure in the cryptocurrency realm and the founder of Viabtc Group.

The aftermath of this incident witnessed a staggering 354,762 TRX and 4,947 ETH being drained from the wallet, accompanied by various tokens such as GRT, DAI, and UNI. When all is said and done, once the issue is properly addressed, the drained funds might very well surpass the initial estimate of $28 million. Intriguingly, onchain data traced the unusually substantial outflows to an address devoid of any prior transaction history.

This story is still developing and will be updated as additional information becomes available.

What do you think about the Coinex hot wallet transfers? Share your thoughts and opinions about this subject in the comments section below.