CoinsPaid Faces Second Major Security Breach
CoinsPaid, a payment processor facilitating crypto transactions, has experienced its second significant security breach in the past six months. The platform processes over a million transactions per month, amounting to approximately 7 million EUR in value. To date, CoinsPaid has processed more than 19 billion euros worth of crypto transactions.
Lazarus Group Identified as Perpetrator of Initial Attack
In July, CoinsPaid fell victim to an attack resulting in a $37.3 million loss. After conducting an investigation with the assistance of Binance and Chainalysis, it was determined that the North Korean Lazarus Group was responsible for the breach. The group tricked an employee into downloading malicious code, enabling them to send unauthorized withdrawal requests to CoinsPaid’s hot wallets.
Despite this breach, the platform’s security measures successfully detected and halted the malicious activity.
New Unauthorized Access Detected by Cyvers
Last week, blockchain cybersecurity firm Cyvers detected unauthorized transactions involving various cryptocurrencies on CoinsPaid. Approximately $7.5 million was stolen and transferred to an external wallet before being redirected to different crypto exchanges.
Hot Take: CoinsPaid Faces Ongoing Security Challenges
CoinsPaid continues to face security challenges, with this being its second major breach in recent months. While the Lazarus Group was identified as responsible for the initial attack, it remains unclear if they are involved in the latest incident. These breaches highlight the importance of robust security measures and constant vigilance in the crypto industry.
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