CoinEx, a cryptocurrency exchange that was recently the target of a cyberattack, has responded to the breach in an unusual way. CoinEx has invited the hacker to negotiate with the business rather than pursue legal action. Along with this request, the exchange has offered a sizable bug bounty payment in the event that the stolen assets are returned.

The Lazarus Group, a prominent hacking group with connections to North Korea, was blamed for the intrusion on CoinEx. A number of major attacks on financial institutions and cryptocurrency exchanges have been attributed to The Lazarus Group.

By way of an olive branch

There have been questions about CoinEx’s response to the attack in the Bitcoin world. Unexpectedly, the exchange has offered the hackers a “generous bug bounty” if they return the stolen funds. The platform’s security infrastructure will also be improved as a result of this gesture.

Additionally, CoinEx has offered an open invitation to the hackers to work with the business to enhance its security procedures in the future. This collaborative strategy aims to address the breach’s underlying causes and stop such occurrences in the future.

Updated Damage Evaluation

In a subsequent update, CoinEx stated that it was still working to determine the exact extent of the financial harm the cyberattack had caused. Initial calculations place the stolen sum at about $70 million, more than originally stated. The exchange was sure to point out that this amount only makes up a small portion of its total assets.

The Unusual Course of Action

The approach taken by CoinEx to interact with the hackers and provide a bug bounty incentive differs from how the cryptocurrency sector has typically dealt with hacks. This strategy may seem unconventional to some, but it represents the exchange’s commitment to jointly upgrade its security protocols and retrieve the stolen assets.

This unorthodox response’s effect is yet unknown, but it highlights the continuous difficulties Bitcoin exchanges have in protecting their platforms from more complex cyber assaults. Innovative solutions and collaboration between exchanges and security professionals may prove to be crucial in protecting digital assets and upholding user confidence as the cryptocurrency sector continues to develop.