The Suspected Involvement of Lazarus Group in $37M Hack of Crypto Payment Gateway CoinsPaid

The cryptocurrency payments platform, CoinsPaid, has identified the North Korean state-backed Lazarus Group as the probable perpetrator behind the hacking of its internal systems. This cyber attack resulted in the theft of $37.3 million on July 22. CoinsPaid suspects Lazarus Group, being one of the most powerful hacker organizations worldwide, to be responsible for this intrusion.

Although CoinsPaid did not disclose the specific details regarding how the funds were stolen, the incident did force the company to suspend its operations for four days.

CoinsPaid is back to processing after being hit by a hacker attack. Сlient’s funds were not affected and are fully available.

More details in our blog: https://t.co/XukI4ZTTLw

CoinsPaid confirmed that its operations have now resumed in a limited environment. While customer funds remain secure, significant damage was suffered by the platform and the company’s balance sheet.

“We believe Lazarus expected the attack on CoinsPaid to be much more successful. In response to the attack, the company’s dedicated team of experts has worked tirelessly to fortify our systems and minimize the impact, leaving Lazarus with a record-low reward.”

Three days after the hack, CoinsPaid filed a report with Estonian law enforcement to initiate further investigation into the incident. Additionally, various blockchain security firms, including Chainalysis, Match Systems, and Crystal, provided assistance during CoinsPaid’s initial stages of investigation.

The CEO of CoinsPaid, Max Krupyshev, expressed confidence in holding the Lazarus Group accountable for their actions. He stated, “We have no doubt the hackers won’t escape justice.”

Blockchain security firm SlowMist theorizes that the CoinsPaid hack may be connected to two recent hacks on Atomic Wallet and Alphapo. These previous attacks resulted in the exploitation of $100 million and $60 million, respectively.

Lazarus Group’s Targeting of Crypto Developers

GitHub, the online coding platform, holds “high confidence” in their belief that Lazarus Group is actively engaging in a social engineering scheme aimed at individuals working in the cryptocurrency and cybersecurity sectors. Socket.Dev, a cybersecurity platform, explains that Lazarus Group’s objective is to entice these professionals and compromise their GitHub accounts by means of malware-infected NPM packages, ultimately gaining unauthorized access to their computers.

The initial point of contact with potential victims usually occurs on social media platforms like WhatsApp, where a sense of trust is established before leading them to clone malware-laden GitHub repositories. Socket.Dev advises software developers to scrutinize repository invitations carefully before collaborating and to exercise caution when approached suddenly on social media to install npm packages.

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