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CoinEx Negotiate With Hackers And Promises Bug Bounty Reward

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 CoinEx, a cryptocurrency exchange that recently suffered a cyber breach, has reached out to hackers to negotiate a generous bounty reward promise for stolen assets.

Previously, the North Korean-sponsored Lazarus Group was identified as the ransomware organization behind the attack on CoinEx. Moreover, they acknowledge the public claims.

CoinX Willingly Wants Negotiation

CoinEx reported the cyber breach incident that served as a critical lesson and created cyber awareness in the firm on the importance of promoting the robust security of assets.

On September 15th, an open letter was addressed to the threat actors, calling for dialogue and negotiations. Notably, the stolen assets involved millions of customers who deal in the crypto exchange.

However, the firm appealed, we hope you recognize the impact of this incident on each one of those users. We sincerely invite you to work with us to resolve this issue in a secure, more reasonable, and more user-friendly manner.

Furthermore, CoinEx offered a generous bug bounty to the hackers, while also pledging to improve its security infrastructure.

Reportedly, the CoinEx hack happened on Sept. 12, with the threat actors draining around $55 million in public assets from the platform’s hot wallets. Additionally, The cyber incident caused the crypto exchange to halt all deposits and withdrawals.

An Estimated $70 Million Stolen From CoinEx

In a separate response update, CoinEx revealed that while the firm was still trying to investigate the extent of financial damage, current investigation results revealed that about $70 million was drained from the platform account, which is higher than previously reported. However, the crypto exchange emphasized that the pilfering represented a small percentage of its total assets.

Additionally, CoinEx did not divulge when the services would resume, however, it said that withdrawals would reopen in sequential phases following stringent security checks.

The firm also reported in a statement, that it is working on completing wallet upgrades next week and promises to reimburse affected users 100% in good faith.