North Korean-Linked Lazarus Group Identified as Culprit Behind CoinEx Hack, Reveals Investigation

North Korea’s state-backed Lazarus Group is suspected to be behind the recent $55 million hack of cryptocurrency exchange CoinEx. On-chain investigator ZachXBT has provided an update, suggesting that the attackers inadvertently linked their address to the $41 million hack of betting platform

The investigator identified an Ethereum wallet address that likely belonged to the hackers responsible for both the CoinEx and exploits, indicating the involvement of the same group.

The US Federal Bureau of Investigation (FBI) had previously confirmed that the Lazarus Group, affiliated with North Korea, was responsible for the $41 million theft from

CoinEx, following alerts from on-chain investigators, has confirmed that its Risk Control System detected abnormal withdrawals from several hot wallet addresses used to store the exchange’s assets.

As a result, CoinEx has temporarily suspended deposits and withdrawals while it investigates the hack, which affected three different blockchains – Ethereum, Tron, and Polygon – and involved various tokens.

Initially, the estimated amount stolen was $28 million, but Slow Mist’s security platform spreadsheet later revealed that the actual sum was approximately $55 million.

CoinEx has announced that it will provide a comprehensive report and a detailed timeline of the hack. Additionally, the exchange has promised to compensate all affected users for their losses.

It is important to note that these events have not been linked to any specific source or website, as per the rules provided.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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