CoinEx, a popular crypto exchange, has announced that it will be resuming its deposit and withdrawal services for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and others. The resumption is set to take place on September 21st at 08:00 UTC. This news comes after a temporary suspension of these services due to a substantial security breach.

In its official announcement, CoinEx urges its users to avoid using any old deposit addresses they may have saved. The exchange emphasizes that these old addresses will no longer work, and any assets sent to them will be permanently lost. This warning serves as a crucial reminder to users to update their deposit addresses and take necessary precautions to avoid any irreversible losses.

The resumption of CoinEx services follows a significant security breach where the exchange lost more than $27 million in digital assets. This attack has been linked to the North Korean Lazarus Group, which has been involved in various cyber-attacks targeting cryptocurrency exchanges. Throughout this year, it is estimated that the Lazarus Group has stolen over $200 million worth of cryptocurrencies.

CoinEx cautions its users about potential delays in processing withdrawal requests in the coming days. As the platform ensures the stability of its systems, it anticipates a surge in withdrawal requests, which may lead to longer processing times. However, the exchange is actively working to minimize these delays and aims to progressively reintroduce more assets to its deposit and withdrawal services. This gradual approach indicates a steady return of normal operations.

CoinEx’s decision to resume its services is accompanied by an explicit acknowledgment from the company, reaffirming its commitment to refining its services. The exchange acknowledges the need for continuous improvement and vows to enhance its security measures to prevent such security breaches in the future. This commitment highlights the exchange’s dedication to maintaining the trust and confidence of its users.

CoinEx’s resumption of services raises the broader issue of security in the cryptocurrency industry. The exchange’s security breach serves as a reminder to crypto exchanges worldwide to strengthen their security measures. By prioritizing the protection of user assets, exchanges can minimize the risk of cyber-attacks and foster a safer environment for users to engage in crypto transactions. It is imperative for exchanges to invest in robust security infrastructure and employ industry best practices to safeguard user funds.

The resumption of CoinEx’s deposit and withdrawal services marks a significant step towards normalcy for the exchange. While the security breach has undoubtedly caused disruptions, CoinEx’s commitment to refining its services and enhancing security measures instills confidence in its users. The incident also serves as a wake-up call for the entire cryptocurrency industry to prioritize security and work collectively towards mitigating the risks associated with digital asset storage and transactions.

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