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North Korea’s Lazarus Group suspected in $55 million CoinEx hack

North Korea's Lazarus Group suspected in $55 million CoinEx hack

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TL;DR

  • North Korea’s Lazarus Group is suspected to be behind the recent $55 million hack of cryptocurrency exchange CoinEx, according to blockchain security firm SlowMist and on-chain investigator ZachXBT.
  • The hack has raised concerns about the vulnerabilities in the crypto ecosystem, adding to nearly $1 billion lost to cyber exploits since January 2023, as reported by cybersecurity firm CertiK.
  • CoinEx has temporarily halted deposits and withdrawals and assured full compensation to affected users, highlighting the need for more robust security measures in the crypto industry.

In a startling revelation, North Korea’s Lazarus Group is believed to be the mastermind behind the recent $55 million hack of cryptocurrency exchange CoinEx. The suspicion was confirmed by blockchain security firm SlowMist and on-chain investigator ZachXBT, who found a link between the CoinEx hack and a previous attack on betting platform Stake.com.

Both attacks appear to have been orchestrated by the same entity, as evidenced by an Ethereum wallet address that interacted with the wallet addresses involved in both hacks.

The initial estimates of the CoinEx hack were around $28 million, but recent data from SlowMist has pushed that figure to $55 million. The stolen assets include $6 million in Bitcoin, $18.5 million in Ether, and $6 million in XRP. In response to the breach, In response to the breach, CoinEx has temporarily halted deposits and withdrawals and assured that affected parties would receive full compensation.

The Lazarus connection 

The Lazarus Group, a North Korean hacker collective, has been implicated in several high-profile cyber-attacks, including the recent Stake.com hack, also confirmed by the FBI. The group inadvertently exposed its address during the CoinEx hack, further solidifying suspicions about its involvement. 

The crypto community has reacted with concern, as this adds to the growing list of cyber exploits in the cryptocurrency space. According to cybersecurity firm CertiK, nearly $1 billion has been lost to hacks and scams since January 2023.

The CoinEx hack is a grim reminder of the vulnerabilities that persist in the crypto ecosystem. It also emphasizes the need for more robust solutions. Also, the incident could potentially influence regulatory discussions, as lawmakers grapple with the challenges of securing digital assets. 

CoinEx’s promise of full compensation to affected users is a step in the right direction, but it also highlights the need for proactive security measures to prevent such incidents in the first place. The exchange is monitoring the situation and plans to publish a comprehensive report soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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