Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » CoinEx Extends Olive Branch To Hackers, Offers Bounty For Stolen Assets’ Return

CoinEx Extends Olive Branch To Hackers, Offers Bounty For Stolen Assets’ Return

Hania by Hania
September 20, 2023
in Crypto Exchanges
Reading Time: 3 mins read
A A
0
CoinEx Extends Olive Branch To Hackers, Offers Bounty For Stolen Assets’ Return
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

Toggle
  • Invitation to Dialogue CoinEx’s Unconventional Approach
  • The CoinEx Hack Unveiled
  • Lazarus Group’s Involvement and a Bigger Loss
  • Road to Recovery CoinEx’s Pledge to Users

The aftermath of a significant security breach at cryptocurrency exchange CoinEx has taken an unexpected turn as the platform has chosen a path less travelled. In a surprising move, CoinEx has reached out to the hackers responsible for the attack, urging them to engage in dialogue and negotiate the return of stolen assets. Alongside this plea, CoinEx has dangled a substantial bug bounty as an enticement for the hackers to reconsider their actions.

Invitation to Dialogue: CoinEx’s Unconventional Approach

In an open letter penned on September 15th, CoinEx made a heartfelt appeal to the hackers behind the breach, emphasizing the lessons learned from the incident. The hack served as a stark reminder of the paramount importance of fortifying asset security within the platform. The letter, addressed directly to the hackers, emphasized the immense trust placed in CoinEx by millions of customers who rely on the exchange for their cryptocurrency transactions.

“We hope you recognize the impact of this event on each one of those users. We would appreciate it if you understand the concerns and frustrations of these affected users. We sincerely invite you to work with us to resolve this issue in a securer, more reasonable, and more user-friendly manner.”

CoinEx didn’t stop at just extending an olive branch; they sweetened the deal with the offer of a “generous bug bounty” should the stolen assets find their way back to the exchange. In a move that underscores their commitment to enhancing security, CoinEx also extended an invitation to the hackers to collaborate on upgrading the platform’s security system for the future.

Also Read: CoinEx Assures Security Amid $27.8 Million Attack

You May AlsoLike

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024

The CoinEx Hack Unveiled

The breach in question occurred on September 12th, when attackers managed to siphon approximately $55 million from CoinEx’s hot wallets, as reported by blockchain security firm SlowMist. In the wake of the breach, the exchange promptly suspended all deposits and withdrawals, initiating a comprehensive investigation into the matter.

CoinEx Extends Olive Branch to Hackers, Offers Bounty for Stolen Assets' Return

Lazarus Group’s Involvement and a Bigger Loss

Investigations led by on-chain analyst ZachXBT have attributed the attack to the Lazarus Group, a notorious North Korean-sponsored hacking entity. In a subsequent update, CoinEx revealed that their initial estimates of the financial damage were conservative. The platform now acknowledges that approximately $70 million was pilfered during the hack, a figure higher than previously disclosed. However, the exchange stressed that this represents only a fraction of its total assets.

Road to Recovery: CoinEx’s Pledge to Users

CoinEx remains committed to restoring normalcy but did not specify a precise timeline for the resumption of services. Withdrawals are expected to gradually reopen after rigorous security checks. The exchange is actively working on enhancing wallet architecture and collaborating with industry partners and peer exchanges to freeze suspicious addresses linked to the theft. CoinEx has also vowed to reimburse affected users in full.

“Currently, we focus on upgrading the wallet architecture, calculating losses, and freezing related suspicious addresses by coordinating with industry partners and peer exchanges. Regarding compensation plans for the stolen assets, we are now formulating options. The compensation will be provided per coin, with details to follow in our official announcements later.”

As CoinEx charts its path to recovery and endeavours to rebuild user trust, the cryptocurrency community watches with bated breath, eager to witness the outcome of this unconventional approach to a challenging situation.

Also Read: JPEG’d Recovers $10 Million worth ETH from Curve Hacker

Tags: bounty rewardcrypto newshack
Share76Tweet47
ADVERTISEMENT
Previous Post

Crypto Industry Alert: SEC’s Enforcement Chief Signals More Charges for Exchanges and DeFi

Next Post

Robert Kiyosaki’s Insights On Gold, Silver, And Bitcoin

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement
Crypto Exchanges

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC
Crypto Exchanges

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024
Coinbase high listing fee
Crypto Exchanges

Coinbase Face Scrutiny Over High Listing Costs, Sparking Shift Towards Decentralized Platforms

November 5, 2024
Bitfinex to Receive 120K BTC for 2016 Hack
Crypto Exchanges

Bitfinex to Receive 120K BTC for 2016 Hack: A Major Recovery Update

October 9, 2024
Crypto.com Takes Legal Action Against SEC Following Wells Notice
Crypto Exchanges

Crypto.com Takes Legal Action Against SEC Following Wells Notice

October 8, 2024
Coinbase Clears Up Confusion Over Kamala Harris’ Crypto Donations
Crypto Exchanges

Coinbase Clears Up Confusion Over Kamala Harris’ Crypto Donations

September 10, 2024
Next Post
Robert Kiyosaki’s Insights On Gold, Silver, And Bitcoin

Robert Kiyosaki's Insights On Gold, Silver, And Bitcoin

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    196 shares
    Share 78 Tweet 49
  • Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    238 shares
    Share 95 Tweet 60
  • Solana Futures Launch at CME Boosts Price Amid High Demand

    191 shares
    Share 76 Tweet 48
  • Cardano (ADA) Staking Now enabled by Trust Wallet

    190 shares
    Share 76 Tweet 48
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.