Estonian Crypto Provider CoinsPaid Reveals $37 Million Hacking Incident
Estonia’s leading crypto payment and personal wallet provider, CoinsPaid, has published a report detailing a hacking incident that resulted in a massive $37 million loss. The breach was orchestrated by the notorious Lazarus Group, and it took six months of calculated maneuvers and sophisticated tactics to execute.
Key Points:
- The Lazarus Group carried out a meticulous six-month operation using social engineering and technical strategies.
- They manipulated a CoinsPaid employee through a falsified job proposition, gaining access to the company’s systems.
- The hackers swiftly executed unauthorized withdrawals, causing CoinsPaid to lose $37.3 million.
- CoinsPaid’s post-mortem report emphasizes the importance of employee training and the implementation of robust monitoring systems.
- CoinsPaid will host a roundtable discussion to address the escalating threat of hacking incidents in the crypto industry.
Hot Take: The hacking incident suffered by CoinsPaid highlights the ever-present danger of cyber attacks in the crypto industry. It serves as a reminder for companies to prioritize employee training and implement strong security measures to protect against such threats. The collaboration between CoinsPaid and Match Systems to expose the Lazarus Group’s tactics is commendable, and the industry as a whole must work together to combat these escalating threats.
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