March 27, 2024
CoinEx Hit by $55M North Korean Lazarus Group Hack
Latest Cryptocurrency News

CoinEx Hit by $55M North Korean Lazarus Group Hack

The cryptocurrency exchange CoinEx experienced a significant security breach, resulting in the theft of at least $55 million. This cyberattack has been attributed to the Lazarus hacker group from North Korea, as confirmed by blockchain security firm SlowMist and on-chain investigator ZachXBT. The hackers’ identification was facilitated by their inadvertent connection to the recent Stake and Optimism hacks.

On September 12, CoinEx witnessed a substantial outflow of funds to an address with no previous transaction history, immediately raising suspicions of a security breach. Initial estimates suggested losses of approximately $27 million, but at the time of this report, SlowMist has reported losses exceeding $55 million. Following the attack, CoinEx Global reassured its users that their assets were safe and promised full compensation for affected parties. As an additional security measure, the exchange temporarily suspended deposits and withdrawals and continues to monitor the situation closely. They also committed to releasing a comprehensive report on the incident shortly.

Based on their on-chain activities, the hackers behind this breach appear to be linked to the recent $41 million hack on the cryptocurrency gambling platform Stake. On September 7, the FBI officially attributed the Stake attack to the Lazarus Group from North Korea. This latest incident contributes to the growing tally of losses within the cryptocurrency space due to exploits, hacks, and scams. As of August 2023, cybersecurity firm CertiK reported nearly $1 billion in losses since the beginning of the year. In August alone, malicious attacks resulted in the theft of approximately $45 million.

Image by standret on Freepik

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