This Cryptocurrency Platform Has Been Hacked: Millions Stolen!

It was revealed in an official update on July 26 that CoinsPaid, an Estonia-based cryptocurrency payments provider, was hacked on July 22 and lost $37.3 million. CoinsPaid points to Lazarus Group, a notorious hacker organization known for targeting high-profile companies in the past. Here are the details…

Cryptocurrency company hacked

Cryptocurrency payment company CoinsPaid suspects North Korean Lazarus Group is behind the recent attack on the platform. CoinsPaid fell victim to a hack on July 22 and lost $37.3 million. Suspected criminal Lazarus Group is a known hacker organization that has previously targeted platforms such as Axie Infinity, Horizon Bridge and Atomic Wallet, causing cumulative losses of billions of dollars. CoinsPaid said it has returned to transactions on the platform after the security incident. However, the company states that systems that have become stronger minimize the impact of the attack. The hacker group believed to be sponsored by North Korea is accused of hacking and stealing various crypto firms and bridges, including CoinCheck and Ronin.

In a statement from the company, Lazarus is left with a “record low award”. It was also stated that the incident affected the platform’s usability and company revenue. However, he made sure that client funds were not affected. Max Krupyshev, CEO of CoinsPaid, announced that some services have been partially interrupted. “We expect it to take a few more days to work out the small details and get the system running smoothly,” Krupyshev said. said. Meanwhile, CoinsPaid said it has launched an investigation using various Blockchain analysis tools to track the funds allegedly looted by Lazarus Group. The company also submitted an official report to Estonian law enforcement. At the same time, it gained support from the wider crypto community, including Chainalysis, OKCoinJapan, Binance, and more than five other firms.

Lazarus Group, still active

The infamous Lazarus Group, which is linked to the North Korean Government, is linked to many sophisticated hacking operations. They recently targeted a blockchain technology company using a phishing scam to gain access to their systems. The Lazarus Group’s tactics include phishing, proprietary malware and exploitation of native operating systems, making them a highly organized crime group. In the past, Lazarus Group has laundered over $100 million in stolen cryptocurrencies from Atomic Wallet via the Sinbad.io mixer. The group has previously used Blender for money laundering activities.

Lazarus Group was also behind two major heists. These were the $100 million Harmony Bridge hack and the $620 million Ronin Bridge theft. As the hacking continues, a security researcher named iamdeadlyz recently uncovered several scammed Blockchain games. According to the report, the games infected Windows and macOS systems with information thieves. These malicious programs are capable of stealing crypto wallets and stealing sensitive data such as passwords and browser information.