Crypto Exchange CoinEx Suspected of Hacking, $27 Million Worth of Funds Possibly Stolen
On September 12, leading cryptocurrency exchange CoinEx experienced abnormal outflows of funds totaling approximately $27 million. Security experts believe that the exchange may have been hacked, as the funds were transferred to an address with no prior history. Experts estimate that the potentially stolen funds include $18.12 million worth of ETH, $8.5 million worth of Tron, and $291,000 worth of Polygon.
Cyvers Alerts, a blockchain security platform, tweeted about the suspicious transactions related to CoinEx: “Our AI-powered model detected suspicious transactions related to @coinexcom 2 hours ago. The potentially stolen funds amount to $18.12M #Eth $8.5M #Tron and $291K in #Polygon. Possible causes: access control violations, private key leakage, rug pulling, insider job.”
At around 1:21 p.m. UTC on September 12, a known CoinEx hot wallet transferred around 4,947 ETH, worth $7.9 million at the time, to Ethereum account 0x8bf8cd7F001D0584F98F53a3d82eD0bA498cC3dE. This account had no previous transaction history. Shortly after this transfer, the CoinEx hot wallet started transferring large amounts of tokens to the same address. Notable transfers include 408,741 DAI stablecoin, 2.7 million Graph (GRT) tokens, and 29,158 Uniswap (UNI) tokens, among others.
The outflow of funds has raised suspicions among experts. PeckShield, a blockchain security firm, reported the outflow as “suspicious.” Julio Moreno, the head of research at CryptoQuant, also commented on the incident, stating that the behavior of the CoinEx wallet was “strange” and that its Ether reserves are now “basically zero ETH.”
Despite the incident, CoinEx has not issued a public statement regarding the hack. As this is a developing story, more information will be added as it becomes available.
Sources:
– Cyvers Alerts on Twitter: https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved(https://twitter.com/CyversAlerts/status/1701617501828796524?ref_src=twsrc%5Etfw)
– CoinTelegraph: https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved(https://cointelegraph.com/ethereum-price)
– Etherscan: https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved(https://etherscan.io/tokentxns?a=0x8bf8cd7f001d0584f98f53a3d82ed0ba498cc3de&p=3)
– PeckShield on Twitter: https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved(https://twitter.com/peckshield/status/1701618515932061851)
– Julio Moreno on Twitter: https://cointelegraph.com/news/coinex-crypto-exchange-suspected-hacked-crypto-moved(https://twitter.com/jjcmoreno/status/1701624022574715362)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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