In what the CoinEx team has characterized as “anomalous withdrawals,” a hot wallet on the exchange sent $27 million worth of different tokens to a wallet with no prior history.

Security experts believe that the cryptocurrency exchange CoinEx was hacked on September 12 as a result of unusually significant withdrawals to an address with no prior history. Cyvers Alerts, a blockchain security tool, has calculated the damages to be $27 million.

A well-known CoinEx hot wallet sent around 4,947 ETH ($1,600, $1,599, or $7.9 million at the time) to an Ethereum account at 1:21 PM UTC. Before this transaction, the recipient’s account had no prior history.

The CoinEx hot wallet started sending significant quantities of tokens to the same address right after this transaction. The wallet was used to transfer a large number of tokens, including the 408,741 Dai DAI $1.00 stablecoin, 2.7 million Graph (GRT) tokens, 29,158 Uniswap UNI $4.23 tokens, and many more.

PeckShield, a blockchain security company, described the outflow as “suspicious.” Julio Moreno, the head of research at CryptoQuant, said that the CoinEx wallet’s conduct was “strange” given that its Ether reserves “are basically zero ETH” at this point.

CoinEx acknowledged on Twitter that there had been some questionable withdrawals around 5:25 p.m. UTC. The exchange stated that our risk control system detected anomalous withdrawals from several hot wallet addresses used to store CoinEx’s exchange assets and that a “special investigative team” had been formed to find out what had occurred.

The team also asserted that the withdrawn cryptocurrency only represents a small portion of the exchange’s entire reserves and that consumers “will receive 100% compensation for any loss due to this breach.”

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