The $55 Million CoinEx Hack Was Confirmed to Be Carried Out by North Korea’s Lazarus Group

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Last Updated on September 13, 2023 by Bitfinsider

Blockchain security company SlowMist and on-chain investigator ZachXBT claim that the North Korean hacker group Lazarus was responsible for the attack on cryptocurrency exchange CoinEx that cost at least $55 million. Once the hacker gang matched their address to the recent Stake and Optimism hacks by mistake, they were able to identify the group.

A significant amount of money was transferred to an address with no history on Sept. 12 on CoinEx. Experts in security quickly surmised that the exchange had been compromised; preliminary calculations put the damage at around $27 million. As of this writing, the attack has resulted in damages over $55 million, according to security firm SlowMist.

Users were reassured by CoinEx Global following the hack that their monies were safe and that those impacted would “receive 100% compensation” for any losses incurred as a result of the hack. In addition, in order to increase security, the exchange momentarily halted withdrawals and deposits. The exchange pledged to release a thorough report on the occurrence soon and is still keeping an eye on the situation.

The hackers that carried out the hack appear to have ties to the $41 million hack that occurred recently on the cryptocurrency gambling site Stake, based on their on-chain behaviour. The FBI in the United States concluded on September 7 that the Lazarus Group of North Korea was responsible for the attack on Stake.

The current attack on CoinEx Global adds significantly to the growing losses brought on by frauds, hacks, and exploits in the cryptocurrency industry. According to a report released on September 1st by cybersecurity company CertiK, since January of this year, almost $1 billion has already been lost as a result of such occurrences. Roughly $45 million was stolen by numerous malevolent attacks in August alone.

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