Cryptocurrency payments platform CoinsPaid has pointed the finger at North Korean state-backed Lazarus Group as being behind the hacking of its internal systems, which allowed them to steal $37.3 million on July 22.

“We suspect Lazarus Group, one of the most powerful hacker organisations, is responsible,” CoinsPaid explained in a July 26 post.

While CoinsPaid didn’t explain how the money was stolen exactly, the incident forced the firm to halt operations for four days.

CoinsPaid is back to processing after being hit by a hacker attack. Сlient’s funds were not affected and are fully available.

More details in our blog: https://t.co/XukI4ZTTLw pic.twitter.com/XjkKjjsluE

— CoinsPaid (@coinspaid) July 26, 2023

CoinsPaid confirmed that operations are back up and running in a new, limited environment.

The firm added that customer funds remain intact but considerable damage was done to the platform and the firm’s balance sheet.

Despite the huge exploit, CoinsPaid believes the cybercrime organization were chasing a much larger sum:

“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 filed a report with Estonian law enforcement three days after the hack to further investigate the exploit. In addition, several blockchain security firms such as Chainalysis, Match Systems and Crystal assisted in CoinsPaid’s preliminary investigation over the first few days.

The firm’s CEO, Max Krupyshev is confident that the Lazarus Group will be held accountable for their actions.

“We have no doubt the hackers won’t escape justice.”

Blockchain security firm Slow

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Author: Brayden Lindrea

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