Coinex Cyberattack Tied To North Korea-Funded Hackers
Date
9/18/2023 7:48:39 AM
(MENAFN- CoinXposure) In a recent disclosure, 23pds, the Chief Information Security Officer at SlowMist, a distinguished blockchain security company, accused North Korean state-sponsored hackers of masterminding a substantial $55 million theft on the worldwide Cryptocurrency exchange CoinEx.
The breach, which caused significant shock within the cryptocurrency community, transpired on September 12.
During this incident, assailants breached CoinEx's hot wallets and absconded with substantial quantities of digital assets, primarily Ethereum , Tron, and Polygon cryptocurrencies, as preliminary investigations suggest.
CoinEx has responded to this security breach by initiating efforts to restore its compromised wallet system, encompassing an extensive range of chains and coins totaling 211 chains and 737 coins.
As a precautionary measure during this recovery phase, CoinEx advises its users to deposit funds into their old addresses to minimize the potential for asset losses.
In a notable development, CoinEx has extended an offer to the hackers, encouraging them to negotiate and promising a substantial reward if they return the stolen assets.
The security community has identified the infamous Lazarus group, known to be sponsored by North Korea, as the culprit responsible for this audacious hack.
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This assessment is also supported by on-chain investigator ZachXBT.
According to blockchain security company SlowMist, the CoinEx breach occurred on September 12, resulting in the attackers taking off with nearly $55 million in assets from the platform's hot wallet.
In a subsequent update, the exchange acknowledged that the extent of the financial damage was still being assessed.
However, current estimates suggest that approximately $70 million was siphoned from the platform, surpassing the initial reports.
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