CoinsPaid Suspects North Korea’s Lazarus Group of Orchestrating $37.3M Theft

North Korean state-sponsored Lazarus Group continues to wreak havoc in the crypto space. CoinsPaid has accused the threat actor of orchestrating the cyber attack on its internal systems. The platform lost $37.3 million in the process but did not shed light on the details of the theft.

In response to the attack on July 22 attack, CoinsPaid temporarily halted its operations for four days.

Customer Funds Intact

In the latest blog post, CoinsPaid announced resuming its operations. The company also said it suspects the Lazarus Group to be responsible for the attack describing the notorious organization as the most powerful hacker collective which has drained hundreds of millions from prominent platforms such as Sony, Axie Infinity, Horizon Bridge, Atomic Wallet, including the most recent case – Alphapo.

CoinsPaid noted that customer funds remained unaffected in the hack; instead, the company’s availability and revenue were impacted. Commenting on the hack, the company CEO Max Krupyshev said,

“After the partial downtime, our services are getting up and running one by one in the new secured environment. We expect it to take a few more days to sort out minor details and ensure the system works smoothly. CoinsPaid will recover and continue delivering first-class innovative payment solutions despite the incident. We have no doubt the hackers won’t escape justice”,”

Law Enforcement Looped in

CoinsPaid promptly launched an investigation utilizing various blockchain analytics tools to trace and identify the stolen funds. The crypto platform acknowledged companies such as Crystal, Chainalysis, Match Systems, Valkyrieinvest, Staked.us, OKCoinJapan, and Binance, in aiding its investigation.

Earlier this week, CoinsPaid submitted an official report to the Estonian law enforcement agency. Going forward, the company plans to organize a round table with all the Lazarus victims in a bid to introduce a new initiative focused on reducing and preventing similar cyberattacks in the future.

It has also urged prominent crypto exchanges, including Binance, Kraken, Coinbase, Bitfinex, OKX, and others, to participate in the discussion.