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North Korea Lazarus CoinEx crypto exchange

CoinEx: North Korean Lazarus Group Reportedly Behind Crypto Exchange Hack

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a startling revelation, the North Korean hacker group, Lazarus Group, is reportedly behind the recent CoinEx crypto exchange hack. This revelation comes after cybersecurity firm SlowMist and renowned on-chain analyst ZachXBT connected the dots between the CoinEx exploit and previous hacking incidents attributed to the Lazarus Group.

On September 12, 2023, CoinEx’s Risk Control System raised alarms over irregular withdrawals from several of its hot wallet addresses. The exchange responded swiftly, setting up an investigative team to delve into the breach. Preliminary findings revealed unauthorized transactions involving Ethereum (ETH), Tron (TRON), and Polygon (MATIC). While the exact amount of the loss was initially undetermined, SlowMist confirmed today that the total stolen funds amounted to approximately $55.5 million.

A few hours ago, CoinEx identified a third series of suspicious wallet addresses across various blockchains, including BSC, ARB, OP, and XLM.

Related Reading: BREAKING: CoinEX Under Siege: $27.5 Million Reportedly Drained From Exchange’s Hot Wallets

CoinEx, in a bid to reassure its user base, stated that the affected fund was a minor portion of the exchange’s total assets. They further assured users of the security of their assets and pledged full compensation to those affected by the breach. As a precautionary measure, the exchange temporarily suspended deposit and withdrawal services, promising a thorough review before resumption.

The CoinEx Links To Lazarus

SlowMist’s investigation unearthed two hacker addresses, 0x22…a98d on Binance Smart Chain (BSC) and 0x75….Ac59 on Polygon, both tagged as Stakecom Exploiter. Their analysis suggests a potential connection between the Alphapo Exploiter, Stake Exploiter, and CoinEx Exploiter, all pointing towards the Lazarus Group.

Stake, an Australian sports betting and crypto casino service provider suffered an exploit last week, leading to a loss of up to $41.3 million. On Monday, the US Federal Bureau of Investigation (FBI) announced that it already unmasked the culprits, the notorious Lazarus Group.

Related Reading: CoinEx Exchange Banned In New York, Authorities Recover $1.7 Million

On-chain sleuth ZachXBT, lending his expertise to the situation, highlighted an address connection between the recent $55 million CoinEx hack and a $41 million Stake hack on OP & Polygon. This inadvertent link, according to ZachXBT, was a significant lead pointing towards the Lazarus Group’s involvement.

Stake CoinEx connection
Link between CoinEx and Stake | Source: X @zachxbt

As it happens, Lazarus Group moved assets from the Stake hack today. As lowMist’s reported earlier today, the Lazarus Group transferred Binance Coin (BNB) to several ChangeNOW custodian addresses. They used platforms such as TransitSwap, SwftSwap, SquidRouter, and OKX-DEX. Specifically, the hackers bridged assets via TransitSwap, exchanged BNB for USDT-BEP20 on PancakeSwap, and then transferred the funds to the crypto exchange MEXC.

A Call For Enhanced Security

The Lazarus Group’s exploits in the crypto space are now reportedly in the billions of dollars. Their frequent appearances in cybercrime headlines emphasize the pressing need for fortified security measures within the blockchain industry. South Korean authorities, alarmed by these developments, are intensifying efforts to prevent North Korea from allegedly funneling these illicit funds into illegal weapons programs.

At press time, the broader crypto market remained unfazed by the news. Total crypto market cap has risen to $1.020 trillion, facing a crucial resistance at $1.022 trillion.

Crypto market cap CoinEx Lazarus
Total crypto market cap faces strong resistance, 1-day chart | Source: TOTAL on TradingView.com
Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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