North Korean Hacker Group Lazarus Group Identified as Culprit Behind CoinEx Hack
In a surprising turn of events, cybersecurity firm SlowMist and on-chain analyst ZachXBT have linked the recent CoinEx crypto exchange hack to the North Korean hacker group known as the Lazarus Group. CoinEx’s Risk Control System alerted the exchange about irregular withdrawals from its hot wallet addresses on September 12, 2023. After investigating the breach, it was discovered that unauthorized transactions involving Ethereum, Tron, and Polygon took place, resulting in a loss of approximately $55.5 million. CoinEx has temporarily suspended deposit and withdrawal services to conduct a thorough review and has assured users of the security of their assets and compensation for those affected.
Connection between CoinEx Hack and Lazarus Group
SlowMist’s investigation revealed two hacker addresses, which they believe are connected to the Lazarus Group. The Alphapo Exploiter, Stake Exploiter, and CoinEx Exploiter all point towards this infamous hacker group. Additionally, ZachXBT highlighted a connection between the recent CoinEx hack and a previous hack on Stake, leading to the conclusion that the Lazarus Group is involved. The group has recently moved assets from the Stake hack, emphasizing the urgent need for enhanced security measures within the blockchain industry.
Urgent Need for Enhanced Security
The Lazarus Group’s exploits in the crypto space have reached billions of dollars, highlighting the importance of stronger security measures in the industry. South Korean authorities are intensifying efforts to prevent North Korea from using these illicit funds for illegal weapons programs. Despite the hack, the broader crypto market remains unaffected, with a total market cap of $1.020 trillion.
Hot Take: CoinEx Hack Traced Back to North Korean Lazarus Group, Reinforcing the Need for Stronger Security Measures
The recent CoinEx exchange hack, which resulted in a loss of approximately $55.5 million, has been linked to the notorious North Korean hacker group, the Lazarus Group. Cybersecurity firm SlowMist and on-chain analyst ZachXBT have identified connections between the CoinEx exploit and previous hacking incidents attributed to the Lazarus Group. This revelation emphasizes the urgent need for enhanced security measures within the blockchain industry. The Lazarus Group’s involvement in the crypto space, with exploits reaching billions of dollars, showcases the magnitude of the threat. Efforts are being intensified to prevent these illicit funds from being used for illegal weapons programs. Despite the hack, the broader crypto market remains resilient, with a total market cap of $1.020 trillion.
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