Millions of XRP Stolen During Epic Exchange Hack, What Happened?

CoinEx, a well-known crypto trading platform, is dealing with a substantial security breach that has resulted in the loss of millions of dollars in digital assets. Yesterday, the exchange’s monitoring system detected suspicious activity on multiple wallet addresses. As a result, it turned out that CoinEx had been subjected to an actual exploit.

Preliminary findings show unauthorized transactions involving multiple popular cryptocurrencies, with an estimated total loss of around $54 million. Among the stolen assets, more than 12.62 million XRP, valued at about $6.06 million, were taken. Ethereum suffered the most significant loss, with approximately $17.5 million in ETH transferred to the hackers’ network of addresses. Additionally, 231 Bitcoin (BTC) were stolen.

We conducted a statistical analysis of the balance of the hacker’s addresses and found that the total amount of @coinexcom stolen funds was ~$54M.

We have placed an monitor on those hacker addresses and will work to join forces with other platforms to try to freeze the stolen… https://t.co/e2jwDho1VG pic.twitter.com/jXX0nEdBQM

— MistTrack🕵️ (@MistTrack_io) September 13, 2023

The exchange responded promptly to limit the damage. It moved funds from compromised hot wallets to secure cold storage, preventing further losses. In collaboration with crypto investigators from SlowMist and PeckShield Alert, CoinEx identified numerous addresses linked to malicious actors. They are now seeking cooperation from relevant projects and institutions to freeze these addresses in an effort to recover the stolen assets.

Despite this concerning breach, the platform assures users that their assets remain secure and untouched. CoinEx has also announced that affected parties will receive full compensation for their losses during this incident. As for now, deposition services have been suspended and, as reported, will resume after a thorough review.

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