Suspected Hack: CoinEx Exchange Reports $27 Million Crypto Outflow

On September 12th, a noteworthy event unfolded within the cryptocurrency ecosystem, triggering speculation of a potential security breach at the CoinEx exchange. Cryptocurrency security experts and observers raised alarm bells as an unusually large volume of digital assets appeared to be flowing out of the exchange, signaling a possible security incident. Preliminary estimates from blockchain security platform Cyber Alerts suggested that losses could potentially amount to approximately $27 million.

The incident began to unravel at around 1:21 p.m. UTC on September 12th when a known CoinEx hot wallet executed a transfer of approximately 4,947 Ether, valued at approximately $7.9 million at the time, to an Ethereum address with the identifier 0x8bf8cd7F001D0584F98F53a3d82eD0bA498cC3dE. What made this transaction particularly alarming was the fact that the receiving Ethereum account had no discernible history of previous transactions, raising red flags among cryptocurrency security experts.

Following this initial transaction, the CoinEx hot wallet continued to send substantial amounts of various tokens to the same address. Among the tokens transferred were approximately 408,741 DAI stablecoins, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, and a plethora of other tokens. This flurry of activity further intensified concerns surrounding the security of the exchange.

Blockchain security firm PeckShield promptly categorized these outflows as “suspicious,” further fueling suspicions of a potential security breach. Julio Moreno, the Head of Research at CryptoQuant, also weighed in on the situation, describing the behavior of the CoinEx wallet as “strange” and highlighting that the Ether reserves on the exchange appeared to have been depleted to a significant extent.

As of the time of this report’s publication, CoinEx has remained notably silent regarding the incident. No official statements or public disclosures have been made by the exchange regarding the abnormal outflows, leaving the cryptocurrency community eagerly awaiting further information and clarification.

In conclusion, the cryptocurrency industry remains on high alert as it monitors the unfolding situation at CoinEx. The unusual and potentially concerning outflows of digital assets have sparked suspicions of a security breach, raising questions about the safety and integrity of the exchange’s platform. Cryptocurrency experts and investors alike are closely following developments in the hope of gaining a clearer understanding of the incident and its implications for the broader crypto landscape.

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