Crypto Exchange News & Updates

CoinEx: Over 80% of Wallet System Reconstruction Completed, Preparing to Resume Withdrawal Functiona

On September 19th, CoinEx Global issued a statement on the X platform, announcing that they have completed over 80% of the wallet system reconstruction. The team is now preparing for the restoration of withdrawal functionality. More detailed information regarding the website upgrade and maintenance will be shared later today.　　Further information about the resumption of withdrawals, including specific dates, times, and arrangements, will be made available on the CoinEx website.　　Subsequently, CoinEx Global announced that their platform will undergo system upgrades and maintenance on September 21, 2023, starting at 11:00 AM (UTC). All services, including trading and asset operations, will be temporarily suspended for approximately 4 hours during this maintenance period.　　

2023-09-20Deep Dive

Hong Kong Police: JPEX Case Involves Approximately 1 Billion HKD, Over 1,400 Reports Received as of

The police have arrested internet celebrities Zuo Lin and Chen Yi on suspicion of their involvement in the JPEX case, a virtual asset trading platform named by the Hong Kong Securities and Futures Commission. Reports suggest that the police had also identified another entertainer, but they were unable to make an arrest as the individual was not in Hong Kong.　　JPEX had previously been named by the Hong Kong Securities and Futures Commission for operating without a license. The police received a referral from the Commission on September 14th and, after conducting an investigation, arrested four men and two women in different areas on suspicion of “conspiracy to defraud.” They are currently in detention pending further investigation.　　The police have revealed that they have received reports from a total of 1,408 people related to this case, with an estimated amount of approximately 1 billion Hong Kong dollars involved.　　Vincent Chan, a lawyer specializing in financial market regulation and virtual assets in Hong Kong, mentioned that it might be challenging for JPEXs Hong Kong users to pursue civil claims at this stage. The current challenge lies in not knowing which legal entity held the client assets for JPEX and where this legal entity is

2023-09-19Deep Dive

Cosmos Unveils IBC 2024 Roadmap: Focusing on Scalability and Availability

According to official sources, Cosmos has released its IBC 2024 roadmap, focusing on two main themes: scalability and usability.　　Under the scalability objectives, the roadmap aims to shorten the time required for native IBC implementation, reduce IBC maintenance costs, and enable multiple blockchains to form IBC connections.　　The usability objectives are centered around improving and distinguishing the developer experience for IBC users and supporting the construction of more advanced cross-chain workflows on top of IBC.　　Its worth noting that over the past 12 months, IBC has facilitated 52 million transfers worth $29 billion on more than 100 chains.　　In previous news, the Interchain Foundation (ICF), which supports Cosmos development and ecosystem building, is formulating its development and funding priorities for 2024, along with the Interchain Stack roadmap. The Interchain Foundation has invited users to provide feedback by October 1st. The four strategic themes of the Interchain Stack roadmap include:　　Increasing modularity through generalized software to adapt more easily to specific use cases.　　Enhancing developer experience for easier construction using the Interchain Stack.　　Clearing technical debt to make faster progress.　　Driving user adoption.　　

2023-09-19Deep Dive

Coinbase Report: FTX's Cryptocurrency Holdings Sale Unlikely to Significantly Impact the Market

Coinbase stated in a research report that the sale of its cryptocurrency holdings by FTX is unlikely to have a significant impact on the market due to several mitigating factors.　　The report mentioned that, first and foremost, the token sale would not create sudden massive selling pressure on the market. The initial phase of liquidation limits is set at $50 million per week and will then increase to $100 million over the following weeks. Coinbase noted that approval from the committee representing FTX debtors would be required to permanently raise the trading limit to a maximum of $200 million per week.　　Furthermore, David Duong, the Head of Institutional Research, wrote that FTX maintains strict controls on the sale of tokens with certain “internal affiliations,” requiring a 10-day advance notice to the committee. As part of the token redemption plan, a significant portion of FTXs holdings in SOL will be locked until 2025, and the same applies to other tokens that need to be sold.　　Finally, the report added that once committee approval is obtained, FTX will have the ability to hedge its sales of BTC, ETH, and other tokens through investment advisors.　　

2023-09-19Deep Dive

$21.9 Million Stolen from Harmony Protocol Traced to Russian Exchange

Chainalysis data reveals that approximately $21.9 million worth of cryptocurrencies stolen from Harmony Protocol have recently been transferred to a Russian exchange known for facilitating illicit transactions. Furthermore, Chainalysis has evidence suggesting that North Korean entities have been using Russian services, including this exchange, for money laundering activities since 2021.　　In a previous incident on June 23, 2022, Harmonys cross-chain bridge suffered an attack, resulting in losses of approximately $100 million. On January 13, hackers began transferring funds from Tornado Cash withdrawals and subsequently moved some of the funds to the Railgun privacy network for deposits and withdrawals. They later transferred a portion of these funds to exchanges and withdrew them to the BTC network.　　

2023-09-18Deep Dive

CoinEx: 30% Completion of Wallet System ReconstructionCoinEx: 30% Completion of Wallet System Recons

CoinEx Global Provides Updates on Security Incident on the X Platform:　　Our team is actively collaborating with blockchain security firms to track and identify stolen funds and related hacker addresses. We have made significant progress in this regard.　　Furthermore, the reconstruction of our wallet system is now 30% complete. This comprehensive rebuild encompasses 211 chains and 737 different cryptocurrencies.　　In a recent update, CoinEx has preliminarily determined that the security incident was caused by the leakage of hot wallet private keys. The investigation and remediation efforts are progressing smoothly. The attack primarily involved cryptocurrencies such as BTC, ETH, XRP, BCH, SOL, among others, and the specific value is still being calculated. Assets in CoinExs cold wallet were not affected by this incident.　　

2023-09-18Deep Dive

Arca CIO: FTX Asset Sales Dominated by OTC, Unlikely to Be Liquidated in Bulk via Exchange or TWAP

Arcas Chief Information Officer, Jeff Dorman, summarized key information regarding the court-approved sale of cryptocurrency assets by FTX on the X platform as follows:　　The winning bidder is Galaxy Asset Management, not their trading division. They must act as trustees and sell gradually and opportunistically.　　Galaxy has received numerous reverse inquiries (some from real funds and some from pre-investigation). However, the asset sale will primarily take place over-the-counter (OTC) and is unlikely to involve bulk sales via exchanges or time-weighted average price (TWAP). They will participate as long as there are good bids.　　The $100 million weekly limit is not really relevant. If they receive higher bulk bids, they can request court approval, and they are not obligated to sell any assets in any given week. The $100 million is just a guideline to prevent forced sales and damage to the value of the crypto assets.　　Hedging will be opportunistic (e.g., taking bearish options positions to offset significant portfolio declines). Some believe that Galaxy may be eager to sell $3 billion in futures, which is quite aggressive. Their goal is to outperform the performance of a static portfolio, not to turn bankruptcy funds into long/short (L/S) funds.　　Galaxy cannot engage in insider front-running and profiting,

2023-09-15Deep Dive

CoinEx: Preliminary Investigation Indicates Attack Event Resulted from Hot Wallet Private Key Leak,

CoinEx has issued an update regarding the recent hacking incident, stating that they have preliminarily determined the security breach to be due to a hot wallet private key leak. The investigation and resolution efforts are currently proceeding in an organized manner.　　The attack primarily involved cryptocurrencies such as BTC, ETH, XRP, BCH, SOL, and others. The specific value of the affected assets is still being calculated. Assets in CoinExs cold wallet have not been affected by this incident.　　CoinEx has taken the following measures:　　Suspended all cryptocurrency deposit and withdrawal services and urgently shut down the hot wallet servers.　　Transferred the remaining assets from the compromised hot wallet to secure addresses.　　Rebuilt and redeployed the wallet system.　　Conducted an investigation into the attack by CoinExs wallet and security teams based on collected information and leads.　　Contacted other exchanges to freeze the malicious attackers assets.　　CoinEx assures users that their assets have not been and will not be affected by this attack, and any economic losses resulting from this incident will be covered by the CoinEx User Asset Security Foundation.　　Currently, CoinEx is actively rebuilding the wallet system, which includes 211 chains and 737 cryptocurrencies. This process will take some time, and the team will gradually restore deposit and withdrawal

2023-09-15Deep Dive

CoinEx Hacking Incident Progress Tracking

Previously, as reported by WikiBit, CoinEx exchange fell victim to a theft, resulting in the loss of a staggering $54 million.　　https://www.wikibit.com/en/202309139084547370.html　　CoinEx has now disclosed the third batch of addresses related to the hacker. Additionally, they are earnestly requesting assistance from relevant project teams and institutions to aid in the freezing and recovery efforts.　　According to statistics from MistTrack, it appears that more of the stolen funds have been consolidated, causing the balance related to the hackers addresses in the CoinEx theft to increase from $53.97 million to $55.57 million.　　During their analysis, SlowMist has made the following findings:　　The known Alphapo Exploiter (TDrs…WVjr) utilized TransitSwap to convert TRX to ETH and then cross-chain to the address (0x22be3b0a943b1bc0ea3aec2cb3ef511f3920a98d). As a result, this address has been marked as an Alphapo Exploiter on the ETH blockchain as well.　　The hackers address, 0x22be3b0a943b1bc0ea3aec2cb3ef511f3920a98d, is labeled as an Alphapo Exploiter on the ETH blockchain and as a Stake.com Exploiter on the BSC blockchain, indicating that this address is a shared address.　　Address 0x75497999432B8701330fB68058bd21918C02Ac59 is marked as a CoinEx Exploiter on the ARB and OP blockchains and as a Stake.com Exploiter on the Polygon blockchain. This suggests that this address is a shared address.　　Due to the FBIs association of the Stake.com

2023-09-14Deep Dive

MakerDAO to Introduce New Stablecoin and Governance Token in Early Next Year

On September 14th, during the TOKEN2049 conference, Rune Christensen, one of the co-founders of MakerDAO, announced that MakerDAO is set to introduce a new unified brand, which is currently unnamed. This rebranding will not affect DAI and MKR users, who will be able to revalue their assets at a rate of 1:12000. Furthermore, the introduction of the new stablecoin will allow users to mine a new governance token.　　Rune Christensen also disclosed that the new stablecoin and governance token are scheduled to be launched in early 2024. They are preparing to support subSAO mining and, in the second quarter of 2024, issue subDAO tokens, which can be mined using the new stablecoin.　　

2023-09-14Deep Dive

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