North Korean Lazarus Group Suspected in $54 Million CoinEx Hack

North Korean Lazarus Group Suspected in $54 Million CoinEx Hack

News, Altcoin news

In a concerning development, the North Korean Lazarus Group, notorious for its cyberattacks, is suspected to be behind the recent $54 million hack of CoinEx. The investigation into this attack has uncovered a compelling link between the Lazarus Group and the perpetrators of the CoinEx exploit.

On-chain investigator ZachXBT played a pivotal role in unveiling this connection. The address associated with the transactions of stolen CoinEx funds on the Optimism network was also identified in the Stake exploit that occurred just a week earlier. The Stake hack, amounting to $41 million, was attributed to the Lazarus Group, and they had channeled the stolen funds to the same address on the Polygon network.

FBI’s Confirmation of Lazarus Group’s Involvement

Adding weight to these suspicions, the United States Federal Bureau of Investigation (FBI) had, on September 8, officially identified the Lazarus Group as the entity responsible for the $41 million Stake hack. In a significant disclosure, the FBI revealed over 30 addresses linked to this hacker group.

Lazarus Group’s Involvement in DeFi Exploits

The Lazarus Group has earned notoriety for its involvement in numerous decentralized finance (DeFi) exploits. They have been implicated in major hacks targeting DeFi protocols, including but not limited to Ronin, Elliptic, DeBridge Finance, Harmony, and several others. Their skillful and audacious cyberattacks have raised alarms across the cryptocurrency ecosystem.

The alleged connection between the Lazarus Group and the $54 million CoinEx hack highlights the ongoing threat that this North Korean hacker group poses. As they continue to target DeFi platforms and cryptocurrency exchanges, cybersecurity remains a paramount concern for the digital asset community. Efforts to thwart such attacks and protect user funds are of the utmost importance to maintaining trust and security in the crypto space.

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