CoinsPaid Faces Second Security Breach, Losing $7.5 Million in Cryptocurrency
Estonian cryptocurrency payment services provider CoinsPaid has experienced a cyberattack resulting in the unauthorized access and theft of around $7.5 million worth of digital assets on the Binance (BNB) and Ethereum (ETH) chains. This is the second security breach that CoinsPaid has faced in the last six months, raising concerns about the platform’s vulnerability and highlighting the urgent need for enhanced security measures in the crypto industry.
CoinsPaid: Bridging the Gap Between Cryptocurrency Users and Businesses
CoinsPaid offers solutions that aim to facilitate transactions between cryptocurrency users and businesses operating within traditional financial systems. The company claims to handle over a million transactions worth more than 7 million EUR each month, with a total transaction volume of over 19 billion euros to date.
Hackers Exploit Fake Job Interview Scheme
According to CoinsPaid, hackers used a fake job interview scheme to deceive one of their employees. The employee unknowingly downloaded malicious software during the interview process, granting the hackers access to CoinsPaid’s infrastructure and enabling them to steal personal data.
The Involvement of Lazarus Group
The cyber intelligence team at Cyvers suspects that the Lazarus group from North Korea may be behind this recent hack, although this has not been confirmed. The stolen funds were transferred to an external wallet and then distributed among various cryptocurrency exchanges, including ChangeNOW, WhiteBit, and MEXC.
CoinsPaid’s Troubled History with Hacks
CoinsPaid has a history of being associated with hacking incidents. It is believed that the organization has stolen nearly $3 billion worth of cryptocurrencies over the past six years. The Lazarus Group has been linked to multiple cryptocurrency attacks, with TRM Labs reporting that the group stole at least $600 million in cryptocurrency in 2018.
Hot Take: Urgent Need for Enhanced Security Measures in the Crypto Industry
The repeated security breaches faced by CoinsPaid highlight the urgent need for enhanced security measures within the cryptocurrency industry. As the industry continues to grow and attract more users and businesses, it becomes a prime target for hackers. Companies must prioritize robust security protocols to protect their users’ assets and maintain trust in the crypto ecosystem.
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