CoinEx Delists XDAG After Devastating Hack

On November 6, the cryptocurrency exchange CoinEx disclosed the circumstances surrounding XDAG’s delisting.

September witnessed a catastrophic hacking incident at the exchange, which substantially compromised the asset’s supply in circulation.

Unidentified hackers breached the security of CoinEx on September 12 and stole every XDAG holding from the exchange’s hot wallets.

CoinEx reports that a significant proportion of the overall supply comprised the misappropriated quantity.

Reportedly, the exchange engaged in dialogue with the XDAG core development team in the aftermath of the breach to investigate potential reimbursement strategies for impacted users.

Nevertheless, the announcement stated that the parties could not agree after two months of repeated abortive attempts.

As a result, with effect from November 6, 2023, CoinEx has decided to delist XDAG trading pairs and discontinue deposit and withdrawal services for the asset.

The exchange emphasized its dedication to placing user interests first amidst the extended period of unpredictability that its XDAG holders encountered.

CoinEx reported that a significant portion of XDAG’s circulation comprised misappropriated assets, and the currency lacked sufficient liquidity.

The exchange asserted that affected users would receive USDT compensation equal to the hourly average XDAG/USDT price from when the breach occurred until the delisting announcement was made public.

The halting of withdrawals occurred promptly following the breach.

The price of XDAG has remained relatively stable at approximately $0.004291, according to the most recent data from CoinMarketCap, despite the breach.