Cryptocurrency exchange CoinEx, which recently fell victim to a security breach, has taken an unconventional approach to recover stolen assets. In a remarkable move, CoinEx has invited the notorious North Korean-sponsored Lazarus Group, identified as the perpetrators behind the attack, to engage in dialogue and negotiations. CoinEx has also promised a substantial bounty reward if the stolen assets are returned.
The open letter, dated September 15, acknowledges the lessons learned from the hack, emphasizing the importance of robust asset security on the platform. The letter is explicitly addressed to the hackers, underlining that the stolen assets represent the trust of millions of customers who rely on the cryptocurrency exchange.
“We hope you recognize the impact of this event on each one of those users. We would appreciate it if you understand the concerns and frustrations of these affected users. We sincerely invite you to work with us to resolve this issue securely, more reasonably, and more user-friendly.”
CoinEx’s unconventional strategy also includes offering a “generous bug bounty” to the hackers as an incentive to return the stolen assets. The company has committed to enhancing its security infrastructure and has invited attackers to collaborate on future security system upgrades.
The hack, which occurred on September 12, saw attackers drain approximately $55 million from CoinEx’s hot wallets, as reported by blockchain security firm SlowMist. The breach prompted CoinEx to suspend all deposits and withdrawals while investigations were underway temporarily.
Further investigations have revealed that the extent of financial damage is estimated at around $70 million, higher than initially reported. Nevertheless, CoinEx has assured its users that this represents a small percentage of its assets.
While the cryptocurrency exchange has not provided a specific timeline for the resumption of services, it has indicated that withdrawals will gradually reopen after rigorous security checks. CoinEx is actively working on upgrading its wallet architecture, freezing suspicious addresses in coordination with industry partners and peer exchanges.
Regarding compensation for affected users, CoinEx is currently formulating options and has committed to reimbursing stolen assets on a per-coin basis, with detailed information to be provided in official announcements in due course. This unique approach by CoinEx demonstrates its commitment to the security of its platform and the well-being of its user community.
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