CoinEx’s $54 Million Hack Linked to North Korea’s Lazarus Group

Sahana Kiran
Source – CNN

Hong Kong has garnered significant attention today, with a range of developments in its crypto landscape. Amidst licensing challenges and the arrival of new companies in the region’s crypto industry, one event that has caught attention is the security breach that affected CoinEx Global. Earlier this week, the exchange experienced an estimated crypto loss of around $54 million. Recent reports have linked this hack to North Korea.

Time and again, various cyberattacks within the crypto realm have been attributed to North Korea. The infamous Lazarus Group has been involved in numerous high-profile hacking incidents. Most recently, the FBI accused this group of hacking and bolting with crypto assets valued at $41 million. ZachXBT further revealed that the group is behind the $54 million hack on CoinEx.

The hackers inadvertently linked their address to the $41 million breach on both the Optimism [OP] and Polygon [MATIC] networks. Additionally, this caused ZachXBT to swiftly connect the dots.

Furthermore, the amount pilfered by the Lazarus group has now reached a staggering sum, extending into billions of dollars. Their recurring mention in news headlines underscores the urgent necessity for enhanced security measures within the crypto sector, encompassing both individual and protocol levels.

Also Read: FBI Identifies Lazarus Group Behind Stake․com’s $41M Theft

CoinEx continues to filter out suspicious wallets

The exchange has been evaluating the complete scope of the crypto assets that were compromised in the security breach. CoinEx has detected an additional batch of questionable wallet addresses associated with the breach. Several assets, including Ethereum [ETH], Tron [TRX], Binance Coin [BNB], Bitcoin [BTC], XRP, Solana [SOL], Bitcoin Cash [BCH], and others, were stolen from the exchange.

Furthermore, the exchange opted to halt deposit and withdrawal services and assured its users of complete reimbursement. As seen in the above tweet, the exchange has been filtering out suspicious addresses.

Also Read: North Korea’s Massive Crypto Heist Amounts to $700 Million