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CoinEx (2023) — Crypto Hack

Laundered

Sep 12, 2023·

EthereumTronPolygonBitcoin

Amount Stolen

$70.0M

Multiple tokens across 4 chains

Recovered

CoinEx hot wallet private keys compromised, resulting in $70M drained across multiple blockchains.

Summary

CoinEx hot wallet private keys compromised, resulting in $70M drained across multiple blockchains.

How It Was Compromised — CEX via Private Key Compromise

CEXPrivate Key Compromise

Attackers obtained private keys for CoinEx's hot wallets across Ethereum, Tron, Polygon, and Bitcoin networks. Funds were systematically drained across all four networks. Blockchain analysts (SlowMist) attributed the attack to North Korea's Lazarus Group based on fund flow patterns matching previous Lazarus operations.

Fund Flow & Laundering Analysis

Stolen funds moved through multiple intermediary addresses before converging at mixers. ETH portion routed via Tornado Cash. Tron assets moved through multiple hops. Bitcoin sent through ChipMixer before it was seized. Lazarus Group's trademark fund consolidation pattern visible on-chain.