Dive into an in-depth analysis of the $55 million cryptocurrency theft from CoinEx.
Suspected to be orchestrated by North Korea's Lazarus Group, the hack has significant implications for the crypto industry.
Read to discover how this is part of a growing trend of losses and frauds shaking the crypto world.
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$55 Million Stolen from CoinEx
According to blockchain security company SlowMist and on-chain investigator ZachXBT, the attack on cryptocurrency exchange CoinEx, which resulted in a loss of at least $55 million, has been attributed to North Korea's hacker group, Lazarus.
Lazarus was identified due to mistakenly linking the same address they used in recent hacks on Stake and Optimism.
On September 12, CoinEx was hit by a situation where a large amount of funds was moved to an address with no past transaction history.
Security experts immediately suspected that the exchange had been hacked, and initial loss estimates were around $27 million.
As of the time this article was written, security company SlowMist has pointed out that the loss from this unauthorized outflow exceeds $55 million.
CoinEx’s Response and Promised Compensation
After the hacking incident, CoinEx Global assured its users that their assets were secure and promised to fully compensate any losses incurred due to the unauthorized outflow.
Additionally, the exchange temporarily suspended deposits and withdrawals to bolster security measures.
The exchange continues to monitor the situation and has promised to release a detailed report on the incident in the near future.
Lazarus is also involved in the recent $41 million hack against cryptocurrency gambling site Stake.
On September 7, the Federal Bureau of Investigation (FBI) concluded that the attack on Stake was carried out by North Korea’s Lazarus Group.
Impact on the Crypto Industry: A Year of Increasing Frauds and Losses
The recent attack on CoinEx Global adds to the growing numbers of losses and frauds in the cryptocurrency industry.
On September 1, cybersecurity company Cletic reported that as of August 2023, approximately $1 billion has already been lost due to such incidents since January of this year.
Just in August alone, around $45 million was stolen due to malicious attacks.
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CoinEx Cryptocurrency Exchange Hacked: Multiple Digital Assets Compromised and Withdrawals Suspended
Learn about the recent hacking incident at CoinEx cryptocurrency exchange, where multiple digital assets were compromised. Find out what steps the company is taking to resolve the issue and compensate affected users.
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