A hack of CoinsPaid, the world’s largest crypto payments provider, was the result of six months of stealthy moves by the Lazarus Group, according to a detailed report on the incident. CoinsPaid, like other crypto players, has internal defenses to thwart laundering of its assets. But the speed at which hackers can move funds to new addresses makes blockchain scoring inadequate, CoinsPaid found.
CoinsPaid suffered a large-scale exploit last month, with black-hat hackers walking away with about $37.3 million on July 22. On July 26, the organization revealed that it suspected the Lazarus Group. The latter is a North Korean state-backed hacker collective and one of the most infamous criminal organizations in the world.
Blockchain Scoring Not Enough in 2023, Says CoinsPaid
According to the report, CoinsPaid, alongside the cybersecurity firm Match Systems, was able to follow the hacker’s activity. In order to gain access, the group offered CoinsPaid employees lucrative jobs under a false identity.
As part of the “recruitment process,” the CoinsPaid employees were asked to download software for a writing task. The kind that is a standard part of job applications. However, the program was in fact malware that allowed the hackers access to CoinsPaid’s systems.
Once inside, the hackers were able to forge authorized
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Author: Josh Adams
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