North Korea’s Lazarus Group Suspected in $55 Million CoinEx Hack
The recent $55 million hack of cryptocurrency exchange CoinEx is believed to be the work of North Korea’s Lazarus Group, a well-known state-backed hacking organization. The connection between the hackers responsible for both the CoinEx and Stake.com hacks was uncovered by on-chain investigator ZachXBT. The investigators found an Ethereum wallet address that was linked to both breaches, indicating the involvement of the same group.
The CoinEx Hack Details
CoinEx experienced a significant outflow of funds on September 12, leading to concerns of a security breach. The initial estimate was around $27 million in losses, but it has since been confirmed that over $55 million was stolen. CoinEx promptly assured its users that their assets were safe and promised full compensation for those affected. Deposits and withdrawals were temporarily suspended while the situation was closely monitored.
Investigation and Response
After receiving alerts from on-chain investigators, CoinEx confirmed suspicious withdrawals from hot wallet addresses. As part of the ongoing investigation, deposits and withdrawals across Ethereum, Tron, and Polygon blockchains have been temporarily halted. CoinEx is committed to providing a detailed timeline of the hack and a comprehensive report to rebuild trust with its users. The exchange also pledges to compensate all users who suffered losses in the attack.
Crypto Space Under Siege
This attack on CoinEx Global adds to the growing list of losses in the cryptocurrency space due to hacks and scams. A cybersecurity firm reported that nearly $1 billion had already been lost in such incidents by August 2023 alone. In August, malicious attacks resulted in approximately $45 million being drained from various sources. The Lazarus Group has previously been identified by the FBI as responsible for the $41 million theft from Stake.com.
Hot Take: Lazarus Group Strikes Again, Highlighting Crypto Security Vulnerabilities
The recent hack of CoinEx by the Lazarus Group serves as a stark reminder of the security risks associated with cryptocurrencies. As the value and popularity of digital assets continue to rise, hackers are becoming increasingly sophisticated in their attacks. This incident highlights the urgent need for robust security measures and proactive responses from cryptocurrency exchanges. Users must remain vigilant and take necessary precautions to protect their funds. The cryptocurrency industry as a whole must work together to enhance security protocols and ensure the safety of investors’ assets.
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