The cryptocurrency exchange CoinEx has fallen victim to a cyberattack, allegedly orchestrated by the North Korean hacking group Lazarus. The breach is estimated to have resulted in losses exceeding $55 million, as reported by blockchain security firm SlowMist and on-chain investigator ZachXBT. The Lazarus group was identified when it inadvertently exposed an address used in previous attacks on platforms like Stake and Optimism.
The breach came to light on September 12 when CoinEx detected a substantial outflow of funds to an address with no transaction history. Initially, experts estimated the losses at around $27 million. However, SlowMist now reports that the attack has cost more than $55 million. CoinEx Global moved quickly to assure its users that their assets were secure and that those affected by the hack would be fully compensated for their losses. As an added security measure, the exchange temporarily halted deposits and withdrawals while closely monitoring the situation. A comprehensive report detailing the incident is expected to be released soon.
The modus operandi of the hackers behind this attack appears to be linked to the recent $41 million hack of the crypto gambling site Stake. On September 7, the FBI attributed the Stake attack to the North Korean Lazarus Group. This latest breach adds to the mounting tally of losses due to exploits, hacks, and scams in the cryptocurrency space. According to cybersecurity firm CertiK, such incidents have resulted in nearly $1 billion in losses between January and August 2023. In August alone, approximately $45 million was stolen through various malicious attacks.
