Lazarus Group Suspected of Hacking CoinEx Crypto Exchange
According to blockchain security experts SlowMist and on-chain sleuth ZachXBT, Lazarus Group, a hacker group believed to be sponsored by the North Korean government, is allegedly responsible for attacking CoinEx, a crypto exchange.
The same wallets involved in draining funds from CoinEx were also implicated in the theft of $41 million from Stake.com, a crypto casino. In both cases, the attackers targeted the operators’ hot wallets and siphoned millions in digital assets.
The FBI attributed the exploit on Stake.com to Lazarus, indicating that the same cyber actors likely targeted CoinEx as well. On-chain data also reveals a network of addresses linked to the thefts on both platforms.
A report by SlowMist highlighted that the Stake exploiter and the Alphapo hacker share an address, both believed to be controlled by Lazarus.
CoinEx Hot Wallet Hack
The crypto community was alerted to a “security incident” affecting CoinEx’s hot wallets on September 12. Initial estimates put the losses at $27.8 million, but further analysis revealed that hackers stole up to $55 million in cryptocurrencies.
The stolen funds were withdrawn through various blockchains, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), BNB Chain (BNB), Polygon (MATIC), Arbitrum (ARB), and others.
Lazarus Group’s Reign of Hacks
CoinEx is the latest victim in a series of attacks targeting crypto operators, with Lazarus Group being the primary suspect in several incidents. The North Korean hackers are believed to be behind exploits on CoinEx, Stake, CoinsPaid, Alphapo, and Atomic Wallet. These five hacks occurred within a 102-day period, and Lazarus has reportedly stolen over $270 million during this time.
If the trend continues, Lazarus could surpass $500 million in criminal proceeds from crypto hacks by the end of 2023. A previous Chainalysis report stated that the hacker group snatched over $1 billion from digital asset investors and service providers in 2022.
Hot Take: North Korean Hacker Group Targets CoinEx Crypto Exchange
Lazarus Group, a hacker group believed to have ties to the North Korean government, has been implicated in the attack on CoinEx, a popular crypto exchange. The same group was also responsible for stealing $41 million from Stake.com, a crypto casino.
The hackers targeted the hot wallets of both platforms, siphoning millions of dollars in digital assets. The Federal Bureau of Investigation (FBI) has linked the exploit on Stake.com to Lazarus Group, indicating their involvement in the CoinEx hack as well.
This incident is part of a larger wave of attacks on crypto operators, with Lazarus Group being the prime suspect. Their hacking spree has resulted in over $270 million in stolen funds within a 102-day period. If their activities continue, they could exceed $500 million in criminal proceeds from crypto hacks by the end of this year.
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