Disclosures:
Professional Reviews

The reviews found on WizCase consist of evaluations conducted by community reviewers. These assessments take into account the reviewers' unbiased and knowledgeable analysis of the products and services being reviewed.

Ownership

WizCase is a leading cybersecurity review website with a team of experts experienced in testing and evaluating VPNs, antiviruses, password managers, parental controls, and software tools. Our reviews are available in 29 languages, making them accessible to a broad audience since 2018. To further support our readers in their pursuit of online security, we've partnered with Kape Technologies PLC, which owns popular products like ExpressVPN, CyberGhost, ZenMate, Private Internet Access, and Intego, all of which may be reviewed on our website.

Affiliate Commissions

Wizcase contains reviews that follow the strict reviewing standards, including ethical standards, that we have adopted. Such standards require that each review will take into consideration the independent, honest, and professional examination of the reviewer. That being said, we may earn a commission when a user completes an action using our links, at no additional cost to them. On listicle pages, we rank vendors based on a system that prioritizes the reviewer’s examination of each service, but also considers feedback received from our readers and our commercial agreements with providers.

Review Guidelines

The reviews published on WizCase are written by community reviewers that examine the products according to our strict reviewing standards. Such standards ensure that each review prioritizes the independent, professional, and honest examination of the reviewer, and takes into account the technical capabilities and qualities of the product together with its commercial value for users. The rankings we publish may also take into consideration the affiliate commissions we earn for purchases through links on our website.

News Heading

CoinEx Confirms Millions Stolen in Crypto Heist

Shipra Sanganeria
Published by Shipra Sanganeria on September 14, 2023

In a September 12 announcement, cryptocurrency exchange CoinEx confirmed that it had fallen victim to a crypto heist. resulting in an alleged theft of $53 million.

In a post on its website, the Hong Kong- headquartered company announced that its Risk Control System had ‘’detected anomalous withdrawals from several hot wallet addresses used for temporary storage of user assets on CoinEx exchange.”

After the initial investigation, the company disclosed that the theft was caused due to the leakage of a hot wallet private key. This resulted in unauthorized transactions involving Ethereum (ETH), Tron (TRON), and Polygon (MATIC) cryptocurrency.

Although the exact amount is yet to be disclosed by CoinEx, investigations by blockchain security firms PeckShield and CertiK Alert estimate the losses to be a total of $31 million and $53 million, respectively.

In a post on X (formerly Twitter), PeckShield stated that following the theft CoinEx was drained of $19M in Ethereum (ETH), $11.5M in TRON, and $295k in Polygon (MATIC). The remaining $72 million have been transferred to the company-controlled cold wallet for safe keeping.

Furthermore, the exchange platform has taken other precautionary measures like, rebuilding and redeploying the wallet system, freezing malicious actors’ assets, suspending deposits and withdrawal services of all crypto assets, as well as an emergency closure of the hot wallet server.

These services are expected to resume once the company’s IT security teams ensure that all the incident-related risks are eliminated. It has also published a list of suspicious addresses involved in the incident and urged other exchange platforms and relevant project teams to freeze the fund movement across these published email addresses.

It also assured its customers that their assets were safe, ‘’CoinEx solemnly promises that users’ assets have NOT been, and will NOT be affected in this attack, and the CoinEx User Asset Security Foundation will bear the financial losses from this incident,’’ the post read. It has also advised its customers to avoid potential asset losses by not making any deposits to their old addresses, until CoinEx’s system recovery process is complete.

Did you like this article? Rate it!
I hated it I don't really like it It was ok Pretty good! Loved it!
0 Voted by 0 users
Title
Comment
Thanks for your feedback