CoinEx

2 months agoNews Editor

ZachXBT says CoinEx did not respond after he reported funds allegedly laundered back through the platform

Blockchain investigator ZachXBT said that after CoinEx was attacked by the Lazarus Group, he alerted the exchange that the platform’s own funds had allegedly been laundered back through CoinEx. He said he also helped freeze the related funds, but received no response from the CoinEx team. ZachXBT criticized the exchange’s communication around the security incident, saying its handling of the matter was inadequate. Separately, CoinEx announced earlier today that it will cease operations and proceed with an orderly liquidation. The exchange said its withdrawal channel will remain open until Dec. 22. The remarks link a prior security incident, ZachXBT’s attempted reporting to the exchange, and CoinEx’s latest decision to wind down operations, all based on the information cited in the original report.

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CoinEx

2 months agoNews Editor

CoinEx to Shut Down as Regulatory Pressure Builds Around Funds Tied to North Korean Hackers

CoinEx founder Yang Haipo said on Sept. 15 that the exchange will cease operations, saying that "taking unlimited risk for limited income is no longer a rational choice." He said CoinEx rejected acquisition offers and opted for an orderly shutdown instead. The exchange said user assets remain fully withdrawable, reserves are above 100%, and the withdrawal window will stay open until Dec. 22. The article argues that the bigger story is not how CoinEx is closing, but why. It traces a chain that begins with the $1.5 billion Bybit hack in February 2025, attributed to North Korea’s Lazarus Group, then moves through THORChain and DeFi-based laundering, and eventually reaches wallets tied to Iran’s central bank, according to TRM Labs. The report, cited alongside The Wall Street Journal’s coverage on June 25, 2026, said Iran-linked wallets had processed $3.84 billion through CoinEx since 2019, with about $67 million directly traceable to central bank accounts and linked on-chain to the Bybit theft. CoinEx was not sanctioned by the U.S. Treasury’s Office of Foreign Assets Control, but it was named in the broader discussion. Yang said the platform had Iranian users but no ties to the Iranian government and had begun blocking new registrations from Iranian IP addresses. The piece also contrasts CoinEx’s withdrawal plan with Bitmart’s troubled shutdown process in 2026.

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Changpeng Zhao

2 months agoNews Editor

CZ says CoinEx shutdown still lets users withdraw, unlike QuadrigaCX-style fallout

Changpeng Zhao commented on CoinEx’s shutdown notice by saying that, in this bear market, several platforms that have recently closed at least allowed users to withdraw their assets. He contrasted that outcome with what he called a "QuadrigaCX-style" ending from an earlier cycle. According to Foresight News, QuadrigaCX, a Canadian crypto exchange, halted operations in 2019 and became a negative industry case after failing to repay customer funds. About 76,000 customers were owed roughly C$215 million in assets. The bankruptcy trustee later recovered about C$46 million, leaving customers with aggregate losses of at least C$169 million. Zhao’s remark focused on the difference in how user asset withdrawals were handled, rather than adding any new details about CoinEx beyond the shutdown-related notice he reposted.

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CZ

2 months agoNews Editor

CZ says recent CEX shutdowns have been more user-friendly, commenting on CoinEx closure

Changpeng Zhao, widely known as CZ, commented on CoinEx’s orderly shutdown on Sept. 15, saying that at least in several recent cases of centralized exchanges winding down during this crypto winter, users have still been able to withdraw their assets. He contrasted that with the “QuadrigaCX-style” situations seen in an earlier cycle. CoinEx, a centralized crypto exchange, announced its shutdown the same day after nine years of operation. According to the information provided, the platform will keep its withdrawal window open until Dec. 22. The remarks focus on the way recent exchange closures have unfolded rather than on any broader market outlook. CZ’s comparison highlighted a difference between current cases, where user withdrawals remain available, and past episodes in which access to assets became a key concern.

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CoinEx

2 months agoNews Editor

CoinEx to wind down exchange operations, with withdrawals open until Dec. 22

Crypto exchange CoinEx said it will shut down its exchange business after citing a prolonged market slump, weaker trading volumes and liquidity, and higher regulatory and compliance costs. The company said those pressures had moved beyond what it described as "reasonable boundaries." The wind-down will happen in stages: non-spot services and most onchain deposits will stop from Sept. 22, spot trading will end from Sept. 29, and the withdrawal window will close on Dec. 22. Any USDT left unwithdrawn after that date will be moved to an independent custodian and incur a monthly custody fee. CoinEx also said it will stop new user registrations, referral commissions and other rewards, while futures contracts will shift to reduce-only mode. The firm plans to buy back CET at its initial listing price of 0.005 USDT per token. CoinEx Wallet and CoinEx Vault will keep operating because they are separate from the exchange. CoinEx was launched by ViaBTC in December 2017 and is ranked 33rd by 24-hour trading volume on CoinMarketCap, at $58 million.

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CoinEx

2 months agoNews Editor

CoinEx to wind down exchange operations, with all non-spot services ending on Sept. 22

CoinEx said on Sept. 14 that it will shut down its exchange business and enter an orderly wind-down, citing a prolonged crypto market downturn, a sharp contraction in industry trading volume and liquidity, and rising regulatory, compliance and operating uncertainty in key jurisdictions. The exchange said withdrawals will remain available until 02:00 UTC on Dec. 22, 2026, and stated that its reserve ratio is above 100% with user assets fully backed. The closure will happen in stages. New user registration stops on Sept. 15, while referral commissions, campaign rewards and new subscriptions across fiat, margin, lending, wealth management, staking and strategy products will also end. On Sept. 22, all non-spot services and on-chain deposits will be shut down, except CET deposits, which can continue until Sept. 29. Spot trading will end on Sept. 29, when CoinEx Smart Chain and OneSwap will also cease operations. CoinEx said its native token CET will be repurchased at 0.005 USDT per token. The report also revisits the exchange’s 2023 hack, which CoinEx said caused roughly $70 million in losses, and outlines regulatory pressure tied to a New York settlement, MiCA-driven service withdrawal from the European Economic Area, and allegations involving Iranian-linked flows that the company denied.

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CoinEx

2 months agoNews Editor

CoinEx founder says he weighed a sale but chose an orderly shutdown instead

CoinEx founder Yang Haipo said on X that the exchange is proceeding with a shutdown and orderly user offboarding, while maintaining that customer withdrawals remain available. According to Yang, CoinEx currently has a reserve ratio above 100%, and user assets are fully backed. Explaining the decision, Yang said CoinEx has been operating for nine years but did not ultimately become a leading exchange in the industry. He also said that the security and compliance risks tied to running a crypto trading platform have become increasingly difficult to control. In his words, declining revenue can be tolerated, but responsibility does not shrink with it, making the risk-return balance no longer rational. Yang also disclosed that he seriously considered selling CoinEx before deciding against it. He said users entrusted assets to the platform based on confidence in CoinEx and, in many cases, in him personally, and that handing both the platform and that trust to a new owner was not the right way to conclude the journey. He added that CoinEx will ensure users can withdraw their assets in full and will buy back CET at its initial listing price of 0.005 USDT per CET without limit.

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CoinEx

2 months agoNews Editor

CoinEx founder says exchange shutdown reflects rising security and compliance risks, pledges CET buyback at listing price

CoinEx founder Yang Haipo said the decision to shut down the platform came after what he described as deep consideration and the need to face a harsh reality. In a post on X on Sept. 15, he wrote that CoinEx failed to become one of the leading centralized exchanges in the industry, while the security and compliance risks tied to running a crypto CEX have become increasingly difficult to control. He said revenue may fall, but responsibility does not, adding that taking on unlimited risk for limited income is no longer a rational choice. On the platform token CET, Yang said CoinEx will repurchase the token at its initial listing price of 0.005 USDT per token, with no cap on the amount. He also disclosed that he had seriously considered selling CoinEx, but decided against it, saying users entrusted assets to the platform because they trusted CoinEx and, in many cases, trusted him personally.

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