A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.
I was thinking that we have not heard about a major breach for months and now we have another one, it is not that of a surprise now, to hear millions of dollars worth of stolen coins from one or the other cryptocurrency business.
The amount stolen is $70 million according to reports and that too the hackers were able to compromise their private keys, no idea how they were able to do that, but many more hacks should we witness once these companies take security seriously.
The issue is that even if exchanges take the security of their funds very seriously, hackers have all the time in the world to try to find a vulnerability that allows them to eventually get access to those funds.
This is a process which can take years, but as we can see it can be completely worth it as the amount they can steal in a single hack can be on the millions, which can be more than enough for those hackers to live the life of their dreams until the end of their days.