CoinEx Set to Resume Operations After $70 Million Hack

CoinEx's Recovery Plan

Cryptocurrency exchange CoinEx is poised to restart deposits and withdrawals, marking a significant step in its recovery after a $70 million security breach. The hack, which compromised the private keys of their hot wallets, temporarily halted operations.

New Wallet System Implementation

To ensure enhanced security and functionality, CoinEx has prioritized developing and deploying a robust new wallet system. This system is designed to support the extensive network of 211 blockchains and 737 tokens previously managed by the platform. The implementation of this new infrastructure is crucial for restoring user trust and operational stability.

Resumption of Services

CoinEx is set to resume services with an initial focus on 11 cryptocurrencies. This gradual reintroduction aims to ensure safety and efficiency as the platform works towards full operational recovery. By carefully managing this process, CoinEx intends to rebuild confidence among its user base.

Commitment to Security

The recent hack has underscored the importance of security in the cryptocurrency exchange sector. CoinEx's response highlights its commitment to safeguarding user assets and preventing future breaches. This incident serves as a reminder of the vulnerabilities inherent in digital asset management and the ongoing need for robust security measures.

By focusing on these strategic steps, CoinEx aims to restore its position in the cryptocurrency exchange market while reinforcing its dedication to user safety and system integrity.