CoinW Cryptocurrency Exchange Loses $13 Million in Recent Cyber Attack

Key Points:

• CoinW exchange faced a $13 million security breach on October 1.
• Cyver Alerts identified irregular high-value crypto transactions.
• Deddy Lavid, CoinW CEO, advises affected users to seek assistance.

The digital currency trading platform CoinW recently experienced a severe security breach, leading to the unauthorized transfer of a jaw-dropping $13 million. The intrusion, disclosed by the esteemed blockchain security firm Cyver Alerts, occurred on October 1, which has sent ripples of concern across the global crypto industry.

Cyver Alerts Uncovers Irregular Transactions on CoinW

Upon diving deep into the occurrence, Cyver Alerts’ advanced AI-driven system was the first to sound the alarm. It flagged irregular activities involving high-value digital currencies such as Bitcoin, Ethereum, Tether (USDT), and Binance Coin (BNB) traded on the CoinW platform. The illicit transactions encompassed assets amounting to 2.1 million USD in Bitcoin, 346,000 USD in Ethereum, 10 million in USDT, and 500,000 USD in BNB.

Currently, the crypto world remains on high alert, coded as “Red,” given that the complete extent of this breach is yet to be mapped. The burning question in the minds of many is whether this massive security compromise was an external hacking endeavor or if it hints at possible insider involvement.

To ensure the crypto sphere’s safety, Cyver Alerts has called upon fellow blockchain specialists, including titans like Chainalysis, TRM Labs, and Elliptic, to shed more light on the incident.

CoinW’s Prompt Response and Past Breaches Detected by Cyver Alerts

Deddy Lavid, the Founder and CEO of CoinW, quickly addressed the breach. He advised affected users to reach out via their Telegram channel or seek assistance from their team of cybersecurity experts, accessible at https://t.me/oswarcommunity. Urgent communications can be channeled to info@cyvers.ai.

For context, CoinW is no small player in the crypto trading universe. As per data from CoinMarketCap, it occupies the position of the world’s 30th largest crypto exchange based on a 24-hour trading volume, boasting a trade value of approximately 682 million USD. Interestingly, CoinW’s proprietary token, CWT, remained relatively stable price-wise before this unfortunate event.

Cyver Alerts is no stranger to identifying and addressing security lapses in the crypto sector. They’ve previously sounded alarms on major breaches such as the CoinEx hack that led to a staggering 54 million USD loss, the HTX Global attack causing a 7.9 million USD dent, and the Remitano hack that evaporated 2.7 million USD, all occurring last month. Moreover, the Mixin Network’s unfortunate cyber-attack also stole the headlines, leading to a catastrophic loss of 200 million  USD, pinpointing a “cloud vulnerability.”

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