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CoinsPaid Says Lazarus Group Was Behind Platform’s $37.3 Million Hack

2 mins
Updated by Geraint Price
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In Brief

  • The Lazarus Group, a notorious hacker organization, is suspected of targeting CoinsPaid in a multi-million dollar breach.
  • The crypto platform said that its fortified systems helped minimize the impact, and customer funds were unaffected.
  • Lazarus Group's involvement in previous heists and money laundering activities highlights their sophistication.
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Cryptocurrency payment company CoinsPaid suspects North Korea’s Lazarus Group was behind the recent hack on the platform. CoinsPaid fell victim to a hacking incident on July 22, losing $37.3 million.

The suspected culprit, Lazarus Group, is a well-known hacker organization that has previously targeted platforms like Axie Infinity, Horizon Bridge, and Atomic Wallet, causing cumulative losses in billions.

Platform Live Again After Security Breach

CoinsPaid has said it is back to processing transactions on the platform after the security incident. However, the company notes that fortified systems minimized the hack’s impact.

It said in a statement that while Lazarus was left with a “record-low reward,” the incident did affect the platform’s availability and company revenue. However, it assured that customer funds were unaffected.

CoinsPaid’s CEO, Max Krupyshev, explained some services experienced partial downtime. Krupyshev said, “We expect it to take a few more days to sort out minor details and ensure the system works smoothly.”

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Meanwhile, CoinsPaid said it initiated an investigation using various blockchain analytics tools to track funds the Lazarus Group allegedly looted. The company has also filed an official report with the Estonian law enforcement agency.

Lazarus Group Remains Active

The notorious Lazarus Group, linked to the North Korean Government, is tied to several sophisticated hacking operations.

Recently, they targeted a blockchain technology company using a phishing scam to gain access to their systems. Lazarus Group’s tactics involve spear-phishing, custom malware, and leveraging native operating systems, making them a highly organized criminal group.

In the past, the Lazarus Group laundered over $100 million in stolen cryptocurrency from Atomic Wallet through the mixer. The group has previously used Blender for money laundering activities.

Lazarus Group was also behind two major heists: the $100 million Harmony Bridge hack and the $620 million Ronin Bridge theft.

As hacking incidents continue, a security researcher named iamdeadlyz recently uncovered several fraudulent blockchain games. Based on the report, the games infected Windows and macOS systems with infostealers. These malicious programs are capable of pilfering crypto wallets and stealing sensitive data such as passwords and browser information.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.