Lazarus Group Suspected in $37M CoinsPaid Hack

• CoinsPaid, a cryptocurrency payments platform, suspects North Korean state-backed Lazarus Group is behind the hack of its internal systems on July 22 that allowed them to steal $37.3 million.
• CoinsPaid was forced to halt operations for 4 days and customer funds remain intact.
• Blockchain security firms such as Chainalysis, Match Systems and Crystal are assisting CoinsPaid in their investigation.

Crypto Payment Gateway Hacked

Cryptocurrency payments platform CoinsPaid has been hacked by North Korean state-backed Lazarus Group on July 22, resulting in the theft of $37.3 million from its internal systems. The incident forced the firm to halt operations for four days, but customer funds remain intact.

Minimizing Impact

CoinsPaid is now working with Estonian law enforcement and several blockchain security firms are assisting to minimize the impact of the July 22 exploit. These firms include Chainalysis, Match Systems and Crystal who have been helping with CoinsPaid’s preliminary investigation over the first few days since the attack.

Suspects Behind Attack

CoinsPaid believes Lazarus expected the attack on CoinsPaid to be much more successful than it was which resulted in a ‘record-low’ reward for them. They also suspect that this attack may be linked to two recent hacks in Atomic Wallet and Alphapo which were exploited for $100 million and $60 million respectively.

Justice Will Be Served

Max Krupyshev, CEO of CoinsPaid expressed confidence that the hackers won’t escape justice: “We have no doubt the hackers won’t escape justice.” He further added that despite considerable damage being done to their balance sheet, client funds remain safe and available as they continue working to fortify their systems against future cyber threats.

Back To Normal Operations

After a long battle against cybercrime organization Lazarus Group, CoinsPaid is now back up and running in a limited environment as they strive for normal operations once again.