CoinsPaid, a digital assets payment company, experienced its second hack in six months, resulting in the theft of approximately $7.5 million worth of cryptocurrencies on January 5. The security breach was attributed to inadequate wallet access control measures by blockchain security firm Cyvers. The hackers managed to steal various cryptocurrencies, including USDT, ETH, USDC, BSC-USD, BNB, and CPD. They converted the stolen assets into ETH and transferred them to externally owned accounts on both the Ethereum and BNB chains. The funds were also funneled into centralized exchanges like MEXC, ChangeNow, and WhiteBit. The identity of the attackers remains unknown, but Cyvers suspects it could be the Lazarus Group.
CoinsPaid Hacked Again
The hackers stole $7.5 million worth of cryptocurrencies from CoinsPaid in their second hack within six months. The stolen assets were converted into ETH and transferred to externally owned accounts on Ethereum and BNB chains. The funds were also sent to centralized exchanges like MEXC, ChangeNow, and WhiteBit.
The attackers’ identity is still unknown, but Cyvers believes it could be the Lazarus Group.
Lazarus Group Strikes Again
This is not the first time CoinsPaid has been targeted by hackers. In July 2023, the North Korea-backed Lazarus Group stole $37.3 million from CoinsPaid. The platform reported the incident to law enforcement agencies at that time.
Lazarus Group is notorious for targeting crypto platforms like Ronin Bridge, Harmony Bridge, and Atomic Wallet and causing losses of hundreds of millions in cryptocurrencies.
Crypto Exploits On the Rise
The cryptocurrency industry has faced several security challenges at the beginning of this year. Orbit Chain lost over $81 million due to hackers accessing its multisig signers. Radiant Capital lost $4.5 million due to a smart contract breach, and Gamma experienced a price manipulation attack resulting in a $4 million loss. These incidents collectively caused nearly $100 million in losses for crypto projects in the first week of 2024.
Hot Take: Security Breaches Continue to Plague the Crypto Industry
The recent hack on CoinsPaid is another example of the ongoing security breaches that plague the cryptocurrency industry. Despite efforts to improve security measures, hackers continue to find vulnerabilities and exploit them for financial gain. This highlights the importance of robust security protocols and constant vigilance in protecting digital assets. As the crypto industry grows, it is crucial for companies and individuals to prioritize security to mitigate the risk of future attacks.
By
By
By
By
By