CoinEx exchange suspected of a potential hack as $27M worth of crypto is transferred

On September 12th, there were unusual activities on the CoinEx crypto exchange when a significant amount of cryptocurrency was sent to an unfamiliar address. This has led security experts to believe that the exchange may have been hacked. According to Cyvers Alerts, a blockchain security platform, the estimated losses amount to around $27 million.

The irregularities were detected by an AI-powered model, Red Code, which detected suspicious transactions related to CoinEx. The funds that are potentially stolen include $18.12 million worth of Ethereum (ETH), $8.5 million worth of Tron (TRX), and $291,000 worth of Polygon (MATIC). Possible causes for this incident include access control violations, private key leakage, rug pulling, or an insider job.

Unusual Transactions

At around 1:21 p.m. UTC on September 12th, a known CoinEx hot wallet transferred approximately 4,947 Ether (ETH) to an Ethereum account with no prior history. The value of the transferred Ether was worth $7.9 million at the time. Shortly after this transaction, the CoinEx hot wallet began transferring large amounts of various tokens to the same address.

Among the tokens transferred from the wallet were approximately 408,741 DAI stablecoin, 2.7 million Graph (GRT) tokens, 29,158 Uniswap (UNI) tokens, and several other tokens. This suspicious activity caught the attention of PeckShield, a blockchain security firm, and Julio Moreno, the head of research at CryptoQuant, who described the behavior of the CoinEx wallet as “strange.” Moreno also pointed out that the exchange’s Ether reserves were “now basically zero ETH.”

No Public Statement Yet

As of now, CoinEx has not made a public statement regarding this incident. It is essential to note that this is a developing story, and further information will be provided as soon as it becomes available.

Editor Notes

It is always concerning when a crypto exchange is suspected of being hacked, as it raises questions about the security measures in place in the industry. Investors need to be wary and take precautions when trading or storing their cryptocurrencies. Stay updated with the latest news and developments in the crypto space by visiting Uber Crypto News.

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