CoinEx offers ‘generous bounty’ to actors behind $54m hack

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CoinEx moved to open talk with the hackers who stole $54 million from the crypto exchange, offering a reward if the stolen assets are returned.

Crypto exchange CoinEx told the attackers behind a Sept. 12 hack to reach out and discuss a possible resolution.

In an open letter published on X, formerly Twitter, the platform offered a bounty if hackers returned the looted cryptos. CoinEx also provided contact details and instructions on how to reach the team. 

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

CoinEx Open Letter

CoinEx’s team stressed the hack’s impact, noting that the assets represent trust from millions of global users. Furthermore, the platform promised to upgrade its systems and sought to establish common ground with the attackers as fellow blockchain enthusiasts. 

Whether you’re dissatisfied with the current state of blockchain security or simply testing the security of the exchange system, we hope to build a sincere and open channel of communication…If possible, we sincerely invite you to discuss the future upgrade of CoinEx’s security system.

CoinEx Open Letter

It’s not unheard of for exploited crypto parties to offer rewards for returned assets or attempt to negotiate with hackers. However, recoveries are not guaranteed with this olive branch, and hackers often ignore these requests for dialogue.

The chances for recovery are perhaps even lower if Lazarus exploited CoinEx for $54 million in cryptocurrencies. 

On-chain investigator ZachXBT said North Korean hackers masterminded the attack on CoinEx. The assertion was corroborated by blockchain security firm SlowMist, citing data that showed transactions between wallets involved in previous hacks on platforms like Stake and Alphapo.

Considering that the FBI tied Lazarus to these attacks, many now believe that North Korean cyber criminals who have reportedly stolen $270 million from crypto digital asset operators also hacked CoinEx.

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