The Binance incident exposed at least three mistakes that were entirely avoidable: 1. Development and operations environments were not fully isolated. Anyone with production access should operate from a dedicated machine used for nothing else, with no third-party software installed on it — coding, chat, and web browsing all belong on a separate device. 2. The operations stack had no meaningful 2FA. A single key was enough to operate production services, which means that once the key leaked, the attacker had full production access. The right approach is to run production operations through something like AWS's browser-based Session Manager, with a hardware security key enforced as a second factor, so that a single leaked credential is never enough to constitute a breach. 3. The MPC multisig existed in name only. The signing parties performed no substantive independent verification, so compromising one node brought down the entire scheme — a multisig that behaves no differently from a single signature. Multisig only works when the signers are mutually distrustful: each party must independently verify the transaction itself, rather than trusting whatever request comes from upstream. None of these require sophisticated technology. What was missing was discipline.

Dear CoinEx Community, Today, I am announcing that CoinEx will cease operations and begin an orderly wind-down. First, what matters most: your assets are safe. CoinEx’s reserve ratio exceeds 100%, and every user asset is fully backed and available for withdrawal. Withdrawals are open starting today and will remain open until December 22, 2026. Certain tokens may take slightly longer to process while funds are moved between cold and hot wallets, but every withdrawal request within the withdrawal period will be honored and processed. CoinEx officially went live on December 22, 2017. Exactly nine years later, on December 22, 2026, the platform will be formally closed. Nine years is a long time in crypto. Together, we lived through multiple bull and bear cycles, witnessed the rise and fall of countless projects, and watched many of our peers leave the market in one form or another. After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain. Revenues can decline, responsibility does not. Carrying unlimited risk for limited revenue is no longer a rational choice. That said, CoinEx has survived nine years in one of the most volatile and unforgiving industries, weathered every storm, and is leaving intact, and with dignity. We may not have won the race, but we are finishing with honor. On CET: CoinEx will buy back CET at its initial listing price of 0.005 USDT per token, with no cap on quantity. To every CET holder who has supported us over the years, thank you. CET represents your belief in CoinEx and, for many of you, your belief in me personally. I am sorry that we were not able to create the long-term value we once hoped CET would deliver. The least we can do now is bring that chapter to a responsible conclusion. I did seriously consider selling CoinEx. Ultimately, I decided against it. Users entrusted their assets to CoinEx because they trusted the platform and, in many cases, trusted me personally. I did not feel that handing the platform and that trust to a new owner was the right way to end this journey. A clean ending is the right ending. Nine years, millions of users. I did not turn CoinEx into the “great” exchange I once hoped it would become. But I can give it a decent ending: making sure users can withdraw their assets in full, giving my employees a dignified farewell, and providing CET holders with a clear and responsible conclusion. This is the best ending I can give CoinEx. To everyone who traded with us, built with us, and stood by us through the hardest days of this market, thank you. It has been a privilege to walk this road with you. To the CoinEx team, thank you for building this platform with me, for carrying it across every cycle, and now for seeing it through to the very last day. For detailed arrangements, please refer to the official announcement: Thank you all for nine years of trust. Haipo Yang Sept 15, 2026