CoinEx $55 Million Hack Traced to North Korean Hackers Lazarus Group

BySamson Ononeme

Sep 13, 2023
Lazarus Group Behind the $55 Million CoinEx Exchange Hack

Key Insights

  • Cryptocurrency exchange CoinEx suffered a $55 million hack by the notorious North Korean hacker group Lazarus.
  • CoinEx’s breach adds to mounting cryptocurrency losses, with nearly $1 billion lost to exploits, hacks, and scams in 2023.
  • The incident highlights the need for enhanced security measures in the crypto industry to protect digital assets amid growing cyber threats.

MarketsXplora has learned that the North Korean hacker group Lazarus is responsible for the recent attack on the CoinEx cryptocurrency exchange, which resulted in the loss of a staggering $55 million.

This revelation comes from blockchain security firm SlowMist and on-chain investigator ZachXBT, who managed to trace the origins of the attack back to Lazarus.

The hackers unintentionally exposed themselves by using the same address previously linked to the high-profile Stake and Optimism hacks.

CoinEx first noticed a significant outflow of funds to an address with no prior transaction history on September 12th. This immediately raised suspicions among security experts, who estimated initial losses at around $27 million.

However, according to the latest update, security firm SlowMist reports that the losses resulting from this audacious exploit have now exceeded $55 million.

CoinEx reassures users affected by the hack

Following the breach, CoinEx Global took swift action to reassure its user base. They stated that their assets remained secure and went even further, promising to provide “100% compensation” to those affected by the hack.

To bolster security measures, the exchange temporarily suspended deposits and withdrawals.

CoinEx Global is actively monitoring the situation and has committed to releasing a comprehensive report on the incident in the near future.

What makes this cyberattack even more concerning is its apparent link to a previous hack that targeted the crypto gambling site Stake, resulting in $41 million in losses.

The United States Federal Bureau of Investigation (FBI) conclusively determined that the Stake attack was the work of Lazarus Group, a state-sponsored hacking entity from North Korea.

Read also! Alex Lab Traces $4 Million Crypto Hack to North Korea’s Lazarus Group

This unfortunate incident adds to the growing problem of losses incurred due to exploits, hacks, and scams in the cryptocurrency space.

A recent report from cybersecurity firm CertiK, dated September 1st, 2023, revealed that such incidents have cost nearly $1 billion since the beginning of the year.

In August alone, about $45 million was stolen in various malicious attacks.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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