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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 compromised private keys were responsible for a recent hack that resulted in the theft of over $70 million worth of tokens. The exchange is now working on building and deploying a new wallet architecture to restore impacted users and the functionality of the platform. CoinEx claims that the stolen amount represents a small percentage of its total assets under management and that affected users will be fully compensated for their losses. The exchange is still investigating the identity of the hackers, 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 progressively within seven working days after patching system vulnerabilities and transferring remaining assets from the affected hot wallets.

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