North Korean state-sponsored hacking group, Lazarus Group, is once again making headlines in the crypto world. CoinsPaid, a prominent crypto platform, has accused the notorious organization of orchestrating a cyber attack that resulted in a $37.3 million theft. While the details of the theft remain undisclosed, CoinsPaid temporarily suspended its operations for four days following the attack.
In a recent blog post, CoinsPaid announced the resumption of its operations and pointed fingers at the Lazarus Group for the attack. The company described the group as the most powerful hacker collective, known for draining hundreds of millions from high-profile platforms like Sony, Axie Infinity, Horizon Bridge, Atomic Wallet, and the most recent victim, Alphapo. However, CoinsPaid reassured its customers that their funds remained intact, emphasizing that the hack only affected the company’s availability and revenue.
CoinsPaid wasted no time in launching an investigation into the incident. The platform employed various blockchain analytics tools, including Crystal, Chainalysis, Match Systems, Valkyrieinvest, Staked.us, OKCoinJapan, and Binance, to trace and identify the stolen funds. Additionally, CoinsPaid submitted an official report to the Estonian law enforcement agency, seeking justice for the attack.
Looking ahead, CoinsPaid plans to organize a round table with other victims of Lazarus Group’s cyber attacks. The goal is to introduce a new initiative focused on reducing and preventing similar incidents in the future. The company has also called upon prominent crypto exchanges like Binance, Kraken, Coinbase, Bitfinex, and OKX to participate in the discussion.
Despite the setback, CoinsPaid’s CEO, Max Krupyshev, expressed confidence in the platform’s ability to recover and continue delivering innovative payment solutions. He stated, “We have no doubt the hackers won’t escape justice.”
The Lazarus Group’s involvement in yet another high-profile cyber attack highlights the ongoing threat posed by state-sponsored hacking groups in the crypto space. As the industry continues to grow, it is crucial for companies and law enforcement agencies to collaborate and implement robust security measures to safeguard user funds and protect against such attacks.