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CoinEx Hack: Exchange Offers “Generous Bounty” to Hackers

CoinEx Hack: Exchange Offers "Generous Bounty" to Hackers

Cryptocurrency exchange CoinEx has called on hacker group to negotiate the return of stolen assets, promising a “generous bug bounty” in exchange.

CoinEx’s Response to Hack

In an open letter published on X (formerly Twitter), the cryptocurrency exchange expressed its willingness to cooperate with the hacker group while pledging to significantly improve its security infrastructure.

“We encourage you to communicate and negotiate with us actively on the blockchain or through our official email address ( If you are willing to return the stolen assets, we will offer you a generous bug bounty as a reward.”

CoinExGlobal (@coinexcom)

The hackers targeted the exchange on September 12, stealing approximately $70 million in assets, higher than initially reported. However, CoinEx emphasized that this constitutes only a fraction of its total holdings. In the aftermath of the hack, the Lazarus Group was identified as the responsible party.

CoinEx’s open letter recognized the cyberattack as a “profound lesson” and acknowledged the need to reinforce the platform’s security. The exchange invited the notorious hacking group to negotiate. Also, CoinEx proposed a partnership with the hackers to collaborate on upgrading its security system.

“After this incident, CoinEx will thoroughly upgrade its security architecture, investing more funds and manpower into security. If possible, we sincerely invite you to discuss the future upgrade of CoinEx’s security system.”

CoinExGlobal (@coinexcom)

Members of the cryptocurrency community have expressed mixed opinions on this unconventional approach taken by CoinEx. Some praise the company’s transparency, while others argue that collaborating with hackers might incentivize further attacks. As negotiations continue, the outcomes remain uncertain.

Other Recent Crypto Hacks

CoinEx would not be the only victim of notorious crypto hacks in this month of September alone. Last week, billionaire Mark Cuban had his Metamask wallet drained of close to $1 million., a popular online casino, lost $41 million to a hack.

Read More: Mark Cuban Suffers $870k Crypto Loss to Hack

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