In a recent revelation, security firm SlowMist and blockchain investigator ZachXBT have uncovered the North Korean hacker group Lazarus as the culprits behind the massive $55 million hack on the crypto exchange CoinEx.
The CoinEx Hack and Lazarus Group’s Misstep
On September 12th, CoinEx, a prominent crypto exchange, experienced a sudden outflow of funds to an address with no previous transaction history. Experts quickly suspected a breach, with initial estimates pegging the losses at around $27 million. However, as of the latest update from SlowMist, the losses have skyrocketed to over $55 million.
The Lazarus Group’s involvement in the hack was exposed when they inadvertently linked their address to recent cyber attacks on Stake and Optimism. Their digital fingerprints left a trail leading straight to their involvement.
This isn’t the first time the Lazarus Group has been implicated in a crypto-related cyber attack. Their connection to the $41 million hack on the crypto gambling site Stake was confirmed by the United States Federal Bureau of Investigation (FBI) on September 7th. This highlights the group’s prolific involvement in cybercrime.
CoinEx’s Response: Ensuring User Security
However, in the aftermath of the attack, CoinEx Global took swift action to reassure its users. They further pledged “100% compensation” for those affected by the hack and temporarily suspended deposits and withdrawals to bolster security. Additionally, the exchange is actively monitoring the situation and plans to release a comprehensive incident report soon.
Crypto Space Under Siege: A Billion Dollars Lost
Notably, the CoinEx Global hack adds to the growing tally of losses due to exploits, hacks, and scams within the crypto space. According to cybersecurity firm CertiK, from January to August 2023, the crypto world has suffered nearly $1 billion in losses. August alone saw malicious attacks siphon off approximately $45 million.
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