The exchange has promised to recuperate losses for all affected users.
Global cryptocurrency exchange CoinEx has been hacked for at least $29 million, with blockchain sleuths identifying a series of suspicious transactions leaving the firm’s hot wallets.
Crypto security platform Cyvers reported the breach on Tuesday, calling on CoinEx to halt all deposits and withdrawals immediately.
The hack occurred across three different blockchains, involving a wide variety of tokens. In total, thieves stole $18.12 million in assets on Ethereum, $8.5 million on Tron, and $291,000 on Polygon.
According to the company, possible causes of the hack include “access control violations,” “private key leakage,” and “rug pulling,” if it wasn’t simply an “insider job.”
On-chain sleuth ZachXBT also contributed to the findings.
Cyvers added that the hacker’s three suspicious addresses have already begun swapping their assets for ETH, and that one has already transferred 3365 ETH ($5.3 million) to an externally owned address.
CoinEX later published a statement confirming the breach. While noting that the exact amount of exchange assets lost remains uncertain, they said the affected fund represents “a very small portion of CoinEx’s total assets.”
“We assure all users: your assets are secure and untouched,” wrote the exchange. “Affected parties will receive 100% compensation for any loss due to this breach.”
CoinEx also promised to provide a “comprehensive report” and detailed timeline of the incident. The company has also hired an investigative team to look into the matter.