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$70M Stolen in CoinEx Hack Due to Compromised Private Keys

$70M Stolen in CoinEx Hack Due to Compromised Private Keys

CoinEx, a Hong Kong-based cryptocurrency exchange, has confirmed that hackers gained access to its hot wallets through compromised private keys, resulting in the theft of over $70 million worth of tokens. The exchange is now working on a new wallet architecture to restore functionality and compensate affected users. CoinEx believes that the stolen amount represents only a small percentage of its total assets under management. The identity of the hackers is still under investigation, with some blockchain security firms attributing the breach to the North Korean Lazarus Group. CoinEx has also opened communication channels with the hackers in an attempt to reach a resolution. The exchange expects to resume withdrawals gradually within seven working days. This incident adds to the growing list of cryptocurrency thefts attributed to North Korean hackers, with estimates suggesting they have stolen around $340 million in 2023 alone.

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