BabyDoge Holders Face $2-3M in Loss Due to CoinEx Hack: Report

CoinEx Hack Fallout

In the aftermath of the CoinEx hack, BabyDoge holders are confronted with a potential loss ranging from $2 to $3 million as stolen tokens flood PancakeSwap.

Due to the Coinex hack, roughly $2-$3m of #BabyDoge was stolen from their exchange and is being sold on pancakeswap.@coinexcom alleges they will compensate we look forward to them rebuying the tokens and making users whole. https://t.co/BlzsVMew99

— Baby Doge (@BabyDogeCoin) September 12, 2023

CoinEx, a crypto exchange, fell victim to a significant hack on September 12, resulting in an estimated loss of $54 million. In response, the exchange initiated the transfer of its remaining crypto assets from its hot wallet to a secure cold wallet.

Presently, the cold wallet holds approximately $89 million in assets, including $51.7 million in ETH and $18.23 million in USDT.

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Suspected Culprits: North Korean Lazarus Hackers

Recent reports have pointed fingers at the North Korean Lazarus hacker cell as the prime suspect behind the CoinEx exploit. On-chain investigator ZachXBT connected the dots, indicating Lazarus’ involvement in the attack.

He also pointed out an accidental wallet connection following an attack on Stake.com, which may have led to Lazarus’ identification. ZachXBT disclosed the alleged Lazarus address in a publicly accessible way.

However, CoinEx has pledged to compensate users affected by the breach, which offers a glimmer of hope to BabyDoge holders.

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