The Lazarus Group, famously known for its sophisticated hacks, is said to be behind the recent attack on cryptocurrency exchange CoinEx, stealing $55 million worth of assets. The criminal gang came under scrutiny when an unintentional exposure of their address connected them not only to the $55 million hack, but also to recent offenses involving Stake and Optimism.
Blockchain security firms SlowMist and on-chain investigator ZachXBT detected large and unusual fund flows leading to an anonymous address with no transaction history. Alarms were raised, and a hack was suspected, with initial damage assessments reaching an alarming $27 million. As investigations deepened, the dark figure climbed, with SlowMist confirming an estimate of loot exceeding $55 million.
Response from CoinEx Global: Security Assurances in Chaos
In response to the turmoil, CoinEx Global acted swiftly, assuring the user community of asset security and committing to fully compensate those affected. The exchange bolstered its security infrastructure by temporarily freezing deposits and withdrawals to prevent further infiltration. In a bid for transparency, the company plans to release a comprehensive report detailing the intricacies of the event in the coming days.
Connecting the Dots: The Dark and Growing Trail of the Lazarus Group
As part of a concerning trend of continued targeting in the crypto space, this recent attack amplifies the alarming figures reported in the industry. The month of August 2023 alone saw a massive loss of around $45 million due to various malicious cyber attacks. A grim report from cybersecurity entity CertiK highlights that the year has already witnessed nearly a billion dollars vanish in a series of digital crimes since January, with the activities of the Lazarus Group indicating a disturbing pattern of escalating exploits.
