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

Wed, 09/13/2023 - 09:55
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Gamza Khanzadaev
XRP, prominent cryptocurrency, among assets targeted in recent CoinEx security breach, with millions worth of tokens stolen
Millions of XRP Stolen During Epic Exchange Hack, What Happened?
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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.

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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.

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.

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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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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.