CoinEx
| Type | Private |
|---|---|
| Industry | Cryptocurrency exchange |
| Founded | 2017 |
Area served | Worldwide |
| Services | Cryptocurrency trading, blockchain services |
| Website | www |
CoinEx is a global cryptocurrency exchange founded in 2017 by blockchain mining pool ViaBTC. It lists cryptocurrencies for trading and issues the CoinEx Token (CET), used on the platform for fee discounts, staking, and governance.
In 2023, the exchange settled a lawsuit brought by the New York Attorney General, paying more than $1.7 million and agreeing to be barred from New York and to withdraw from the United States market.[1][2] Three months later it lost an estimated $53–70 million in a breach of its hot wallets that blockchain analysts linked to the North Korean Lazarus Group.[3]
History
[edit]CoinEx launched in 2017 as part of the ViaBTC Group.[citation needed]
Following China's 2021 ban on cryptocurrency activities, CoinEx withdrew from the mainland market.[citation needed]
New York lawsuit and withdrawal from the United States
[edit]In February 2023 the New York Attorney General, Letitia James, sued CoinEx under the Martin Act, alleging that it had operated as an unregistered securities and commodities broker-dealer and had misrepresented itself as a cryptocurrency exchange.[1][2]
The case was settled in June 2023. Under the consent order CoinEx paid more than $1.7 million, of which about $1.1 million was refunded to New York investors and some $600,000 was a penalty to the state. The company was barred from offering, selling or buying securities and commodities in New York and from making its platform available there, was required to block New York IP addresses, and agreed to stop opening accounts for customers in the United States, existing American users being permitted only to withdraw their holdings.[1][2][4]
2023 security breach
[edit]On September 12, 2023, CoinEx disclosed a security incident involving its hot wallets, affecting approximately US$70 million in crypto assets.[3] Estimates of the amount taken varied between about $53 million and $70 million.[3][5] Third-party firms suggested a possible link to the Lazarus Group.[6]
The exchange suspended deposits and withdrawals while it investigated, and said it would compensate affected users in full. It reopened deposits and withdrawals on September 21, 2023.[citation needed]
Products and services
[edit]CET, the exchange's own token, is used on the platform for trading-fee reductions and governance, and is subject to a token burn schedule.[citation needed]
In July 2025 CoinEx introduced CoinEx Vault, a self-custodial cold-wallet product.[7]
References
[edit]- 1 2 3 "Attorney General James Recovers $1.7 Million from Cryptocurrency Platform for Operating Illegally" (Press release). New York State Attorney General. June 15, 2023. Retrieved 2026-08-21.
- 1 2 3 Stempel, Jonathan (June 15, 2023). "CoinEx accepts New York ban, to pay $1.8 mln to resolve attorney general lawsuit". Reuters. Retrieved 6 November 2025.
- 1 2 3 Howcroft, Elizabeth; Satter, Raphael (2023-09-15). "Blockchain analysts suspect N. Korea-linked hackers behind $70 mln crypto theft". Reuters. Retrieved 28 October 2025.
- ↑ Vanderford, Richard (2023-06-15). "CoinEx to Wind Down U.S. Operations After Settling New York Lawsuit". The Wall Street Journal. Retrieved 6 November 2025.
- ↑ "North Korea's Lazarus Group responsible for $55M CoinEx hack: Report". Cointelegraph. September 2023. Retrieved 2026-08-21.
- ↑ Lakshmanan, Ravie (2023-09-17). "North Korea's Lazarus Group Suspected in $240 Million Crypto Heist Spree". The Hacker News. Retrieved 13 August 2025.
- ↑ "Stronger Security, Smarter Custody: CoinEx Launches CoinEx Vault". The Laotian Times. July 18, 2025. Retrieved 2026-08-21.
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