CoinsPaid claims that Lazarus Group allegedly "expected the attack on CoinsPaid to be much more successful."
CoinsPaid, a renowned cryptocurrency payments service, has publicly attributed the recent theft of approximately $37.3 million from its system to the infamous North Korean-sponsored Lazarus Group.
The breach happened on July 22nd, causing a significant interruption to the platform's operations. The company was forced to cease operations for four days.
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On July 26th, CoinsPaid issued a statement not disclosing how the theft was orchestrated but stated that it suspects that Lazarus Group was behind the attack.
We suspect Lazarus Group, one of the most powerful hacker organizations, is responsible.
As the company resumes operations in a newly established, restricted environment, they have reassured customers that their funds are secure. However, the firm acknowledged the substantial harm inflicted on the firm's platform and financial statements.
CoinsPaid suggested that the cybercrime group anticipated a much bigger haul, stating:
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.
CoinsPaid contacted Estonian law enforcement to aid it in investigating the matter. Despite the ongoing investigation, CoinsPaid CEO, Max Krupyshev, remains confident in the accountability process, asserting:
We have no doubt the hackers won’t escape justice.
While the company awaits news from law enforcement, the blockchain security firm, SlowMist, has hypothesized a connection between the CoinsPaid breach and two recent substantial hacks targeting Atomic Wallet and Alphapo, which saw losses of $100 million and $60 million, respectively.
The considerable breach at CoinsPaid is a stark reminder of the cybersecurity risks prevailing in the cryptocurrency sector. The alleged involvement of the notorious Lazarus Group further highlights the international threat posed by organized hacking groups. As the crypto industry continues to grapple with such issues, the hope for stronger preventive measures against such intrusions remains paramount.
