North Korean hacker group Lazarus responsible for $55 million hack on CoinEx exchange

Introduction

Blockchain security firm SlowMist and on-chain investigator ZachXBT have identified the North Korean hacker group Lazarus as the culprits behind the recent attack on cryptocurrency exchange CoinEx. The group's mistake of connecting their address to previous hacks led to their discovery.

The Hack

On Sept. 12, CoinEx experienced a significant outflow of funds to an unfamiliar address. Security experts immediately suspected a breach, with initial estimates of losses reaching around $27 million. However, current reports indicate that the losses from the exploit have exceeded $55 million.

Compensation and Security Measures

CoinEx Global has assured its users that their assets are secure and promised "100% compensation" for any losses caused by the hack. As an added security measure, the exchange temporarily suspended deposits and withdrawals. The situation is being closely monitored, and a detailed report on the incident will be published soon.

Connection to Other Hacks

Based on their on-chain behavior, the hackers responsible for the CoinEx hack are believed to be linked to the recent $41 million hack on crypto gambling site Stake. The United States Federal Bureau of Investigation (FBI) had already determined that the Stake attack was carried out by Lazarus Group.

A Growing Issue

The attack on CoinEx Global adds to the growing list of losses in the cryptocurrency space due to hacks, exploits, and scams. In fact, cybersecurity firm CertiK reported that nearly $1 billion has already been lost due to such incidents from January of this year to August 2023. In August alone, approximately $45 million was taken in various malicious attacks.