CoinsPaid suffered a second hack in six months. Indeed, the digital assets payment company was exploited for around $7.5 million worth of cryptocurrencies on January 5.
Blockchain security firm Cyvers attributed the security breach to the platform’s inadequate wallet access control measures.
CoinsPaid Hacked Again
Hackers managed to part way with various cryptocurrencies, comprising 4.5 million USDT, 500 ETH, 106,000 USDC, 924,000 BSC-USD, 268.5 BNB, and 97 million CPD.
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.
The identity of the attackers remains unknown. However, Cyvers suspects it might still be the notorious Lazarus Group.
“The root cause of the incident is inadequate wallet access control. Notably, the exchange had previously been alerted to potential vulnerabilities in July 2023 by Cyvers, when the Coinspaid system and Alphapo suffered a $100 million theft linked to the North Korean Lazarus group,” analysts at Cyvers told BeInCrypto.
Read more: Crypto Project Security: A Guide to Early Threat Detection
Regrettably, this is not CoinsPaid’s first encounter
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Author: Oluwapelumi Adejumo
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