CoinEx’s Risky Gamble: Extending an Olive Branch to Notorious Hackers

CoinEx, the cryptocurrency exchange that recently experienced a security breach has taken an approach to address the situation. In a letter dated September 15th the company has extended an olive branch to the hackers. They have invited the perpetrators to engage in negotiations, for the return of the stolen assets. Have even offered a ” bug bounty” as an incentive. The notorious Lazarus Group, known to have ties with North Korea has been identified as responsible for this attack.

According to security firm SlowMist approximately $55 million was lost from CoinExs wallets during the breach that took place on September 12th. As a result of this incident CoinEx has temporarily suspended all deposits and withdrawals while conducting investigations.

In their letter CoinEx recognized this hack as a wake up call regarding the importance of implementing security measures. They emphasized that these stolen assets belonged to millions of customers who rely on their platform for cryptocurrency transactions. Along with offering a reward for returning the stolen assets CoinEx also suggested that hackers could collaborate with them in enhancing security measures.

While this unconventional approach may raise eyebrows it reflects how cybersecurity is a landscape, within the crypto industry where traditional enforcement methods often fall short. Not these hackers will accept this offer remains uncertain.

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