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CoinEx founder Haipo Yang stated that the Binance hack exposed at least three avoidable security vulnerabilities, and the problem lies in operational discipline rather than a lack of advanced technology. The vulnerabilities include the failure to isolate work and personal devices, a single credential being able to operate production services, and multi-party computation signers failing to independently verify transactions.Binance said the incident on October 29 affected approximately $6.34 billion in assets in its hot wallet; as of October 31, 98% of the affected assets had been replenished using company funds. The FBI attributed the attack to the North Korean TraderTraitor group.Binance has rebuilt the affected wallet system, replaced devices, revoked credentials, and strengthened risk controls for wallet services. CoinEx will also open withdrawals before December 22, 2026; Haipo Yang previously said that the security and compliance risks of operating an exchange have become harder to control. (Bitcoin.com News)
According to Odaily, since 2019, wallets with clear ties to Iran have transferred over $3.84 billion in transaction funds through the cryptocurrency exchange CoinEx. Among these, wallets hosted by CoinEx received hacked crypto assets acquired by the Central Bank of Iran and conducted direct transactions with accounts previously identified by U.S. officials as belonging to Iran's Islamic Revolutionary Guard Corps.Blockchain data shows that in 2024, CoinEx replaced Binance as the largest foreign counterparty for Iran's biggest domestic crypto exchange, Nobitex. Last year, the flow of funds between Nobitex and CoinEx exceeded $763 million. Additionally, between 2022 and 2025, wallets hosted by CoinEx also processed transactions for Alireza Derakhshan, an Iranian individual allegedly involved in a network selling sanctioned oil. (WSJ)
According to The Wall Street Journal, blockchain public-chain data analysis shows that Iranian entities have conducted over $3.84 billion in transactions via the cryptocurrency exchange CoinEx to circumvent U.S. economic sanctions. Investigators traced funds linked to two digital wallets controlled by the Central Bank of Iran and found connections to the $1.5 billion stolen by North Korean hackers from the Bybit exchange. After flowing through complex, multi-layered transaction paths, these funds ultimately entered CoinEx—making it one of the central channels through which Iran uses cryptocurrencies to bypass sanctions.