Simon Ng According to blockchain analyst Zachxbt, it is probable that the Lazarus Group, a North Korean hacking collective, is responsible for the latest cyberattack on the cryptocurrency exchange Coinex. This suspicion arose after it was revealed that the funds from the Coinex hack were inadvertently linked to a recent breach at Stake.com.
Table of Contents
North Korean Hacking Collective Accused of Accumulating $95 Million in a Single Week
Coinex fell victim to a cyberattack this past Tuesday, resulting in a loss of approximately $54 million. The stolen assets consisted of 231 BTC, 6,559 ETH, 137.128 million TRX, as well as multiple millions in various ERC20 tokens and stablecoins. Following the detection of unauthorized transactions from their wallets by blockchain monitoring firms, Coinex made a public statement confirming the breach. New evidence suggests that the cybercriminals behind this attack are likely members of the Lazarus Group, a hacking syndicate based in North Korea.
The Lazarus Group has been operational since at least the year 2009 and has been implicated in a series of high-profile cyberattacks. Notably, the group was behind the 2017 Wannacry ransomware assault, the 2014 infiltration of Sony Pictures, and a series of attacks targeting cryptocurrency exchanges dating back to 2017. The collective is suspected to have ties with North Korea’s Reconnaissance General Bureau, an intelligence arm of the military. The group is known for employing sophisticated tactics and techniques in their operations.
Earlier this week, the Federal Bureau of Investigation (FBI) in the United States announced that the Lazarus Group was also behind the recent cyber heist at Stake.com, which led to a financial loss of roughly $41 million in cryptocurrencies. On September 13, 2023, one day subsequent to the cyber incident at Coinex, Zachxbt, a leading blockchain analyst, posted on social media platform X, establishing a link between the two attacks and implicating the Lazarus Group. Zachxbt stated:
North Korea appears to be implicated in the $54 million Coinex breach, following an accidental link of their digital wallets to the $41 million Stake.com cyberattack, involving OP and Polygon networks.
If these suspicions about the Lazarus Group are confirmed, this would mean that the hacking collective has successfully extracted $95 million from two different cryptocurrency exchanges in a time span of less than a week. Given these developments, it is likely that cryptocurrency exchanges and related businesses are operating under heightened security measures, although the exact methodologies employed by the hackers have not yet been disclosed.
What are your perspectives on the Lazarus Group being implicated in the recent breach at Coinex? Please share your professional insights and viewpoints on this matter in the comments section below.
Frequently Asked Questions (FAQs) about Lazarus Group Coinex Hack
What happened to Coinex recently?
Coinex fell victim to a cyberattack this past Tuesday, losing approximately $54 million in various forms of cryptocurrency. Blockchain monitoring firms detected unauthorized transactions, and Coinex confirmed the breach publicly thereafter.
Who is suspected to be behind the Coinex hack?
The Lazarus Group, a North Korean hacking collective, is suspected to be behind the Coinex hack, according to blockchain analyst Zachxbt. The same group is also suspected to be behind a similar breach at Stake.com earlier.
What kinds of cryptocurrencies were stolen in the Coinex hack?
The stolen assets from Coinex included 231 BTC, 6,559 ETH, 137.128 million TRX, as well as multiple millions in various ERC20 tokens and stablecoins.
What is the Lazarus Group known for?
The Lazarus Group has been operational since at least 2009 and is known for its involvement in high-profile cyberattacks. These include the 2017 Wannacry ransomware assault, the 2014 Sony Pictures infiltration, and multiple attacks on cryptocurrency exchanges dating back to 2017.
Does the Lazarus Group have any governmental ties?
The Lazarus Group is suspected to be connected with the Reconnaissance General Bureau, a North Korean military intelligence agency. They are known for employing advanced tactics and techniques in their cyber operations.
What was the financial loss at Stake.com?
Earlier this week, Stake.com experienced a cyber breach that resulted in a financial loss of roughly $41 million in cryptocurrencies.
What evidence links the Coinex and Stake.com hacks?
Blockchain analyst Zachxbt revealed that the digital wallets used in the Coinex breach were inadvertently linked to the wallets used in the Stake.com breach, thereby suggesting that the same hacking group is likely behind both attacks.
What is the total financial impact if Lazarus Group is behind both hacks?
If the Lazarus Group is indeed responsible for both the Coinex and Stake.com hacks, the collective would have amassed $95 million in stolen assets in less than a week.
What are cryptocurrency exchanges doing in response to these breaches?
While specific actions taken by cryptocurrency exchanges have not been disclosed, it is likely that they are operating under heightened security measures in the wake of these events.
How did the FBI get involved?
The U.S. Federal Bureau of Investigation (FBI) disclosed earlier this week that the Lazarus Group was suspected to be behind the recent cyber heist at Stake.com. Given the group’s profile and the scale of the attacks, it is understandable that federal agencies would be involved in the investigations.
More about Lazarus Group Coinex Hack
- Coinex Official Statement on the Hack
- FBI Public Announcement on Lazarus Group’s Activities
- Zachxbt’s Social Media Post Linking Coinex and Stake.com Attacks
- Overview of Lazarus Group’s Previous Attacks
- Reconnaissance General Bureau Profile
- Report on Advanced Cyber Tactics and Techniques
- Stake.com’s Official Statement on the Breach
- Blockchain Monitoring Firms on Cryptocurrency Security
- In-depth Analysis of Wannacry Ransomware Attack
- Historical Incident of Sony Pictures Hack by Lazarus Group
8 comments
North Korea keeps making the headlines for all the wrong reasons. Reconnaissance General Bureau, huh? Didn’t know they had a name for their hacking dept.
Lazarus Group again? These guys are like a bad movie villain that just won’t go away. How advanced are their tactics tho?
You know its serious when the FBI gets involved. Curious to know what methods these hackers are using.
Zachxbt is on point with his analysis, as always. If he’s sounding the alarm, we all better listen up.
95 million in a week? thats terrifying. Time to reassess my crypto investments for sure.
Coinex and Stake.com both hacked in less than a week? Thats insane. High time for some international action against these hackers.
Wow, if Lazarus Group is really behind this thats huge. what are crypto exchanges doing about it? Security needs to be tighter, people!
i’m startin to wonder if any crypto is safe anymore. Feds gotta step up and do smth about this.