ZachXBT Praises CoinEx's Solvency, Criticizes Team's Handling of 2023 Hack

Crypto on-chain investigator ZachXBT reacted to CoinEx's shutdown by acknowledging that returning user funds and maintaining solvency puts it ahead of exchanges like AscendEX and BitMart, which left users with frozen assets or losses.

ZachXBT built his reputation by tracing stolen crypto back to its thieves, making his praise for CoinEx not a casual remark. He noted that after the Lazarus Group exploited CoinEx in September 2023, he tried reporting that hacked funds were being laundered through the exchange and received no response.

ZachXBT said he froze funds tied to the exploit but got no reply from CoinEx, calling the team 'useless' for their lack of action. This criticism is a continuation of his past work investigating the $55 million hack and subsequent laundering activity, which was connected to North Korea's Lazarus Group.

CoinEx ultimately followed through on its promise to compensate affected users, but ZachXBT's complaint highlights unresolved issues with the team's handling of the situation. His reaction emphasizes that even when an exchange handles a shutdown well, it doesn't erase past failures or institutional silence during critical moments.