On November 6, CoinEx, a cryptocurrency exchange, revealed the reasons behind its decision to delist XDAG. This decision came after a significant security breach in September, during which a substantial portion of XDAG’s circulating supply was stolen from the exchange’s hot wallets.
The security breach occurred on September 12, when unknown hackers successfully took all XDAG holdings from CoinEx. This theft represented a substantial share of XDAG’s total supply. Following the incident, CoinEx engaged in discussions with the XDAG core development team to find a solution to reimburse affected users. Unfortunately, these talks did not lead to an agreement over the course of two months.
As a result, CoinEx made the decision to delist XDAG trading pairs and cease deposit and withdrawal services for the asset starting November 6, 2023. The exchange emphasized its commitment to prioritizing user interests due to the prolonged uncertainty faced by XDAG holders.
CoinEx noted that the stolen assets constituted a significant portion of XDAG’s circulation, and the currency’s liquidity was insufficient. The exchange announced its intention to compensate affected users with USDT, based on the hourly average XDAG/USDT price between the time of the hack and the delisting announcement. Withdrawals had already been halted immediately after the security breach.
Despite the hack, the price of XDAG remained relatively stable, with a value around $0.004291, as reported by the latest data from CoinMarketCap.
