Topic: $28M stolen from CoinEx - are your funds safe? (Read 470 times)

Whatever scam happens, people are always ready to believe in CoinEx. It's more secure and reliable, and it offers a seamless and user-friendly experience for both beginners and experienced traders. It has advanced security measures, including two-factor authentication and cold storage, to ensure the safety of your funds. It also offers advanced trading tools like margin trading and futures contracts. And still, some people have mixed feelings about this, but still, the crypto market is a speculative market, so people's decisions are ultimately unlikely to use hardware wallets. But all are aware of scammers alerts, and they prefer to use the most safe wallets, whether they're one or more.

We can not trust the centralized exchanges these days. They have own exit plan. Some of them are hacked by others. Also some of the exchanges are hacked by themself. So it is better to avoid centralized exchanges. In my case, I never stored any crypto in CEX. I have multiple hardware wallets to store the crypto.

Eg :
1. Safepal hardware wallet

You should also not store assets on Binance and Kucoin even though they are said to be the best exchanges, the risk of storing on exchanges is always there, if you are only limited to trading and not storing there then it is quite safe because it is for short-term use.
Nothing is safe on a centralized platform even if it's DEX but hackers always have loopholes where they can steal it.

This is a threat to a platform even if they have a strict security system but hackers always manage to break the security of the platform which in the end they lose a lot of money including customer funds.
In the last few days there have been many cases of hacking with high amounts.

The only way we can explain how this keeps happening is through a process of willing ignorance and greed that is out of control.

As the hacks to exchanges are not uncommon, so all of those people should have heard about such events at least once, and despite that knowledge they simply decide to ignore it thinking it will never happen to them, but how they can be so blind? That is when greed reveals its ugly face, as traders on their desire to maximize their profits prefer to leave their coins at exchanges, sacrificing the security of their coins and any possibility of saving themselves in the case a hack were to happen.

true, but at least choosing exchange that has massive amount of money at least have the ability of recovering back even after getting hacked is better than choosing exchange that gonna get bankrupt when it got hacked.
but its always better to keep the money in our own wallet whenever we are done with trading and investment because as you said not your private key not your money.
moreover if its hardware wallet we're talking about we also get additional security, so far its just no brainer to keep the money in our own wallet instead.
but it still doesn't change the fact that hundred thousand of people would still outright keep their money in these exchanges.

What matter most here is that those affected users should really be getting that compensation or given their funds back but i highly doubt that it would really be something that so easy to happen if ever the hacked amount
isnt really that small or really that significant. If they have said about those possible compensation then it would be a good news into those affected users but if not then it would really be a never ending kind of begging on
getting their funds back. I do remember about that Mt.Gox too that even up to now which people do really still hope on getting their funds back after how many long years that had passed.
It doesnt really have no sense on making yourself that storing that huge amount on any centralized platform even if we do say about storing it in Binance. It doesnt really give out guarantees that those coins are completely
safe because once hacking or locked up happen then you cant really be able to assure that you would really be seeing your coins again.Just like the rest been saying on here that this is my first time on hearing out this platform and its really shocking that why people do really love on engaging on platforms on which they arent really that popular or known. We know that exchange platforms are really that a common honey sweet spot for hackers. Bare in mind  that even Binance had suffered losses or breaches too which we do consider that security might be more tighter and more secure but still things do happen.
How much more into those lower ones?

Fortunately my fund is safe. I registered in this exchange just for claiming small 10$ worth airdrop , I won in giveaway but after that I have never used this exchange. All best tokens that I trading is available in Binance and Kucoin then why I need to keep fund in other exchange. Exchange hacking is now became very easy again, HTX is also hacked and million of fund ahs been stolen. Dex and Cex both are risky and the secure place is just to hold in own wallet.

Hacking havs a very bad impact on the exchange. Users of coinex will loss trust and confidence on the exchange security and I think big amount of fund will be wipe out from exchange now. Now this is lesson for other exchange to tight security otherwise next target will be another exchange.

I feel bad about what happened, and unfortunately, the CoinEx platform is not the only one that fraudsters were able to access and steal millions of its assets, but what I recently read is that the HTX platform (formerly Houbi) was also subjected to significant thefts, and Justin Sun announced this. There are significant challenges facing the CEX exchange platforms, and frankly, these Exchanges make us believe that cold wallets are the safest option. Fortunately, I have not used the CoinEx platform before. I only use the top exchange platforms for trading and other features.

I read in CoinEx's tweet on X that they have made great strides in tracking down hackers and stolen assets and have received support from other exchange platforms. I hope they can compensate the affected users. Also, there is an essential matter through this CoinEx Announcement that there are specific currencies available for withdrawal and deposit. This exchange has not resumed all its services yet, so please beware of the false claims of scammers.

Same here. i do not use coinEx exchange so i Don't care coinEx exchange stolen any amount of momey or they developing well. Why should we use CoinEx Exchanger when we can easily access better exchangers? I have never used CoinEx Exchanger in my life and I have no experience using it.  And I don't even keep track of it. And that's why I couldn't comment much on it. And I am also not sure if any of the major members of this forum use this exchanger. So I think most people on this forum have fund safe

I do have an account in CoinEx (and some merchs too) with around 100 USDT worth, but I have successfully moved it to my non-custodial wallet before the hack started.

It’s just unfortunate for the others who still think that it is safe to store funds in a centralized exchanges where we do not have the full custody and ownership of the coins and tokens that we have in our portfolio.

Whenever these tighter security measures are in place, it seems that the hackers are trying to be one step ahead by using their intelligent skills, patience and perseverance to make the hack successful. They’re not stopping to improving themselves, so CEXs like CoinEx must do something to implement counter measures that would prevent this hack from ever happening again.

The issue is that even if exchanges take the security of their funds very seriously, hackers have all the time in the world to try to find a vulnerability that allows them to eventually get access to those funds.

This is a process which can take years, but as we can see it can be completely worth it as the amount they can steal in a single hack can be on the millions, which can be more than enough for those hackers to live the life of their dreams until the end of their days.

Incidents like this happens not only limited to the crypto exchange but we are lucky that many people still continues despite of it. They know that not all are like that and they know that they need to take a risk if they want to earn a profit.

If there are still money left, and the exchange already takes an action like they already upgrade their security, maybe we can say that some funds are still safe but the exchange still owes some of their customers. I think not all exchanges are like that who can do a refund, so we must be picky or better not store any funds on them no matter how trusted they are. We shouldn't be feeding those hackers.

I was thinking that we have not heard about a major breach for months and now we have another one, it is not that of a surprise now, to hear millions of dollars worth of stolen coins from one or the other cryptocurrency business.

The amount stolen is $70 million according to reports and that too the hackers were able to compromise their private keys, no idea how they were able to do that, but many more hacks should we witness once these companies take security seriously.

Nobodies funds are guaranteed to be safe on any centralised exchange, no matter what the CEO or his employees tells you. There has been more than enough disasters in the lifetime of crypto to be ample warning for investors to be aware of what could potentially happen if you are not the sole person who has access to your private keys. Self custody in cold storage people, it’s vital.

Some people are seeing moving their money out from exchange site to go to their personal wallet takes complicated process. that's why people are being so lazy to store their money on their own wallet.
As per the latest update if the total amounts being hacked was around 70 millions. Coinex is trying so hard to solve the problem and make the platform available for anyone.

People will never learn from this and i do believe there will always be a lot of people that will keep their money in the centralized exchange site which can be hacked like that anytiem.
People are so dumb that they are not learning from their mistake.

Not your key is not your coins, its happening when holding or saving assets cryptocurrency in exchange market and we don't have controlling with our money safety exactly when hacking cases like Coinex are stolen $28M. I don't use with that exchange but seems there always interested exchange for investor hunting with pre sale when new coins will open pre or public sale there. Hope for all user have saving assets there when withdrawing assets open don't hold and as soon possible withdraw your money and save in wallet only not in exchange market.

I think is good ideas after trading we have withdraw trough stable coins with lower fees transaction by using USDT BSCSCAN network or Polygon, its more safety when exchange close withdrawing we have securing assets in wallet than waiting with their withdrawing back to normally and need longer time waiting for.

I don't use this exchange, but it's nothing new for exchanges to experience hacks and it's also nothing new when they say they guarantee funds from their users, because such statements are needed to make their users feel comfortable and not make massive withdrawals.
The most important thing for exchange users is not to entrust our funds there.
If you want to continue trading, then withdraw funds there every time you finish a trading session because saving on the exchange will make our chances of losing money wide open.

No significant amount should be kept at any exchange regardless of the trust you may have in it, time and time again this lesson has been proven correct and yet traders refuse to learn it on their own, convinced that they know better and that letting a third party to store their coins is the best thing they can do.

But once there is a hack and they lose their money they begin to complain about the security of the exchange, not realizing that if they kept those coins on their own wallet then the security of the exchange becomes almost irrelevant.

Actually they have a direct link viabtc.com so they are very good if you mine with viabtc.

but you do not want a lot of coins on your the pool you mine or on an exchange.

To all that think they are unknown exchange they are very well known to the miners on viabtc.com

viabtc.com is a large pool .

granted regular traders may not know of them

Coinex is quite a popular exchange from popular company viabtc. Viabtc again is funded by the world's largest ASIC manufacturer, Bitmain.
The hack is now estimated to be of $54 million. Which is still a large amount but not a huge one for a large exchange.
So coinex though not the top exchange by transaction volume is a trusted exchange and large enough that it's capable of returning millions to the users.
I have an account on coinex and have some funds on it which are not affected by the hack.