CoinEx Crypto Exchange Hit by $28 Million Exploit, Four Hot Wallets Drained
On September 12, CoinEx, a cryptocurrency exchange, experienced a suspected attack following a substantial outflow from four of its hot wallets, which was promptly detected and reported by the blockchain security firm Cyvers.
According to Cyvers Alert, the breach resulted in losses exceeding $27 million across the hot wallets.
All the stolen funds were funneled into a wallet devoid of any prior transaction history, and this immediately raised red flags for the security firm, who concluded that CoinEx had indeed suffered a hack.
As per Etherscan data, the 4 CoinEx hot wallet initiated a series of substantial transfers involving various cryptocurrencies to a single address.
The sequence commenced with the movement of approximately 4,947 Ether, equivalent to $7.9 million at the time. This was followed by converting several other cryptocurrencies from the exchange wallet into Ethereum through Uniswap.
Subsequently, there was a notable flow of 408,741 DAI, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, and various other tokens from the hot wallet to the same address.
Cyvers Alert reports further movements, including approximately $11.5 million in crypto assets transferred to a Tron address and $295,000 in assets to a Polygon address. This amounted to $27.4 million spread across three different blockchain networks.
On Tuesday at 1:38 p.m. (ET), the Hong-Kong based crypto exchange, CoinEx officially addressed the breach via a tweet, clarifying that the exact extent of the loss is yet to be ascertained.
The post, titled “Urgent Notice: Security Incident on Coinex—Immediate Actions Underway,” informed users of the situation.
“On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot
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