Crypto Exchange CoinNest Hacked, $300M Stolen

Breaking News: Major Cryptocurrency Exchange 'CoinNest' Hacked – $300 Million in Digital Assets Stolen

May 13, 2025

In one of the largest crypto heists of the year, hackers breached the security systems of CoinNest, a leading global cryptocurrency exchange, making off with an estimated $300 million in Bitcoin, Ethereum, and other altcoins.

What Happened?

According to internal reports, the attackers exploited a vulnerability in CoinNest’s multi-signature wallet system late last night, draining funds from both hot and cold wallets. The exchange halted all withdrawals and deposits after detecting unusual activity, but by then, the damage was already done.

Exchange Response

CoinNest CEO, Daniel Reeves, issued a statement assuring users that the company would cover all losses from its insurance reserves. 'We are working with blockchain forensic firms and law enforcement to track the stolen funds. Our priority is securing our platform and reimbursing affected customers,' he said.

Market Reaction

The news sent shockwaves through the crypto market, with Bitcoin (BTC) briefly dropping 7% before recovering slightly. Ethereum (ETH) and other major altcoins also saw sharp declines. Analysts warn that investor confidence may be shaken, especially after last year’s high-profile collapses of several crypto firms.

Is This the End for CoinNest?

This is the second major security breach for CoinNest in three years, raising concerns about its long-term viability. Rival exchanges like Binance and Kraken have already offered assistance in tracking the stolen funds, but regulators are calling for stricter security measures across the industry.

What’s Next?

Investigations: Interpol and cybersecurity firms are tracing the stolen funds, which have already been moved through multiple wallets.

Regulatory Crackdown: The U.S. SEC and EU regulators are expected to push for tighter exchange security laws.

User Impact: Over 500,000 CoinNest customers are affected, with withdrawals frozen for at least 72 hours.

Stay tuned for updates as this story develops.

— CryptoNews Daily

Would you like a follow-up piece on how users can protect their crypto assets after such hacks?

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