Coinex exchange is working in order to resume withdrawals after the $70M hack suffered last week. The company explained that they have already successfully completed 50% of their wallet system reconstruction. The Hong Kong-based crypto exchange was exploited by the North Korean Lazarus group of hackers.
Coinex Exchange Working to Restore Withdrawals
Coinex is working in order to restore withdrawals after the hack experienced last week, which compromised close to $70 million worth of cryptocurrencies. In a recent Twitter thread, the company explained that they have finalized their strategy to resume withdrawals, which are set to progressively resume within 7 working days.
The company wrote on Twitter:
“We’ve finalized our strategy to resume withdrawals and are set to progressively resume these services within 7 working days. Ensuring 100% asset security remains our top priority before reactivating withdrawal functionalities.”
Additionally, they mentioned that they are strategizing compensation for cryptocurrencies with a low circulating supply. They also explained that Coinex users’ assets are 100% secure and remain fully intact.
Several cryptocurrency exchanges have been hacked over the last few years. Coinex is just one of the many platforms that have experienced a hack. Nevertheless, the number of platforms that experienced hacks has been decreasing in the last few years, showing that exchanges are opting to apply better standards to their security procedures.
Now, investors who keep funds at Coinex are waiting for the platform to enable withdrawals once again and for the company to update their wallet system to start depositing funds again.