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Lazarus Group Suspected in $54M Coinex Hack Following Recent Breach

Lazarus Group Suspected in $54M Coinex Hack Following Recent Breach

The North Korean hacking syndicate Lazarus Group was likely behind the recent Coinex hack on Tuesday, according to onchain analyst Zachxbt. He revealed that the hackers inadvertently connected the funds to the recent breach.

North Korean Hackers Potentially Net $95M in a Week

On Tuesday, Coinex was hacked, losing about $54 million, which included 231 BTC, 6,559 ETH, 137.128 million TRX, and several million in assorted ERC20 tokens and stablecoins. Coinex informed the community about the hack after blockchain monitoring firms detected that the wallets were being drained. New findings suggest the hackers are likely from the North Korean hacking syndicate Lazarus Group.

Lazarus Group has operated since at least 2009 and is tied to several notable cyberattacks. These include the 2017 Wannacry ransomware attack, the 2014 hack of Sony Pictures, and significant attacks against crypto exchanges since 2017. The group is believed to be associated with the Reconnaissance General Bureau, a North Korean military intelligence agency. It’s recognized for its advanced tactics and techniques.

Four days ago, the U.S. Federal Bureau of Investigation (FBI) disclosed that Lazarus Group was behind the recent theft, which resulted in a loss of about $41 million in crypto. On Sept. 13, 2023, a day after the Coinex incident, prominent onchain analyst Zachxbt revealed the link to North Korea’s Lazarus Group on the social media platform X. Zachxbt said:

It appears North Korea is also responsible for the $54M [Coinex] hack from yesterday after they accidentally connected their address to the $41M Stake hack on OP [and] Polygon.

If Lazarus Group is to blame, the North Korean hackers took $95 million from two exchanges in less than a week. Exchanges and crypto businesses are likely on high alert following these events, but the method used by the hackers remains unknown.

What do you think about Lazarus Group being blamed for the recent Coinex breach? Share your thoughts and opinions about this subject in the comments section below.

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