Hackers Steal $27 MILLION in Crypto from CoinEX Exchange


CoinEX, a Hong Kong-based cryptocurrency exchange founded in 2017 by Haipo Yang, was hit by hackers Tuesday and an estimated $27 million worth of tokens were drained.

In a statement, CoinEX said their preliminary assessments indicated unauthorized transactions in ether and several related cryptocurrencies. They added they would guarantee the funds of all customers and have temporarily shut down deposit and withdrawal services pending a security review.

CoinEX went on to state affected parties would receive 100% compensation for any losses, and that they deeply regret any distress this may have caused.

In June, CoinEx agreed to pay $1.8 million and be banned from operating in New York to settle a lawsuit brought about by New York Attorney General Letitia James accusing the exchange of operating illegally by failing to register with the state. The settlement included $1.17 million in refunds to 4,691 investors, and a $626,000 fine.

CoinEx later said they had identified and isolated the suspicious wallet addresses linked to the hack.

In addition to CoinEx, the U.S. Securities and Exchange Commission has targeted the crypto industry, most recently suing Binance, the largest crypto platform, and Coinbase, the largest U.S. crypto platform, for operating as exchanges without registering with the agency.

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