North Korea's Lazarus Group suspected of orchestrating $55 million CoinEx cryptocurrency exchange theft

Table of Contents

ZachXBT's On-Chain Data Analysis

According to the on-chain data analysis by renowned crypto sleuth ZachXBT, it is highly likely that North Korea's Lazarus Group is the mastermind behind the recent $55 million hack of the CoinEx cryptocurrency exchange.

Connection to Related Attack Incidents

Recent data indicates a close connection between the CoinEx hack and the recent theft at the gambling platform Stake.com. Notably, the FBI previously stated that the Stake.com breach was orchestrated by the Lazarus organization.

FBI: North Korean Hacker Group Lazarus Confirmed as Stake Incident Attacker! $200 million in earnings this year

Suspicions Raised by Ethereum Wallet Address

Through an in-depth investigation of online transactions, ZachXBT discovered an Ethereum wallet address suspected to be owned by the mastermind behind the aforementioned two attacks. This finding further deepens suspicions of the same organization being behind both incidents.

Adjustment of Stolen Amount

Initially, the market estimated the stolen funds from CoinEx to be $28 million. However, recent data provided by security firm SlowMist revised this figure, suggesting the actual loss is close to $55 million, including a significant amount of Bitcoin, Ethereum, and XRP.

CoinEX Hacking Update | Loss of $43 Million, CoinEX Isolates Wallets, Calls for Industry Cooperation

CoinEx's Response Measures

During the in-depth investigation of this hacking incident, CoinEx has decided to suspend all deposit and withdrawal operations. To reassure users, the exchange has publicly pledged that all users affected by this incident will be fully compensated.