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Investigative Report Links Lazarus Group to $55 Million CoinEx Hack

Investigative Report Links Lazarus Group to $55 Million CoinEx Hack

Lazarus Group strikes again.

The North Korean hacking team, the Lazarus Group, has been identified as the culprit behind the recent cyber attack on the crypto exchange CoinEx.

The new allegations were revealed by blockchain security experts SlowMist and independent on-chain investigator ZachXBT on September 13th.

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What connects this cyber attack to the notorious Lazarus Group is the careless use of the same digital address employed in previous hacks, including a $41 million heist on the online crypto casino Stake. This connection led the United States Federal Bureau of Investigation (FBI) to confirm on September 7th that Lazarus was also responsible for the Stake exploit.

The security breach on CoinEx occurred on September 12th, when security specialists observed significant fund outflows from the crypto exchange to a previously unknown address. Initial estimates suggested that losses amounted to around $27 million, but later analyses by MistTrack raised the figure to over $55 million.

Following the news about the exploit, CoinEx Global moved quickly to assure its user base, stating that its digital assets were safe and those impacted would be fully compensated for their losses.

In addition to this assurance, the crypto exchange temporarily halted deposits and withdrawals as an added security measure. CoinEx Global pledged to keep users updated and announced that a detailed report on the incident would be released shortly.

The latest attack on CoinEx contributes significantly to the rising financial toll of hacks, scams, and exploits in the cryptocurrency ecosystem. Only a few days ago, Ethereum co-founder's X (formerly Twitter) account was hacked and used to promote a malicious link, draining users of almost $700,000.

The security breach at CoinEx adds to a series of high-profile hacks this year, intensifying concerns about cybersecurity within the cryptocurrency industry. As experts attribute the attack to North Korea’s Lazarus Group, the incident serves as a sobering reminder of the persistent and ever-evolving risks in the digital asset space.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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