CoinsPaid Becomes Latest Exchange To Be HACKED

January 7, 2024 12:37 pm Comments

CoinsPaid has become the latest exchange to fall victim to a hack.

According to recent reports, the exchange suffered an exploit via its hot wallet access measures that sources say were easily exploitable. The hackers, thought to also be responsible for the Orbit hack, have been identified as the infamous Lazarus Group.

Although numerous cybersecurity firms are pointing to the likelihood of the infamous North Korean hacker group being responsible for the attack, this has yet to be confirmed.

Sources say the hackers drained various cryptos from the exchange including USDT, USDC, ETH, and BNB; the hackers then converted all the stolen funds to ETH and transferred them to other exchanges. Bein Crypto reports:

The perpetrators converted the stolen assets into ETH and transferred them to externally owned accounts on both the Ethereum and BNB chains. They also funneled the funds into several centralized exchanges, such as MEXC, ChangeNow, and WhiteBit.

Cyvers, a web 3.0 security firm, sounded the alarm: “$6M! Could have been saved…  coinsPaid faced a second hack, losing $8M, after previously declining Cyvers’ advanced security solution. Last August’s $37M hack was a warning. Our detection of this latest breach proves the value of proactive security. Don’t wait for a third strike!”

Crypto News pointed out:

Blockchain analysts from Match Systems have found that the Orbit Chain hackers used the same tactics as those in several other high-profile attacks – suggesting that a cybercrime organization, possibly the infamous Lazarus Group, stands behind these hacks.

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