Hackers Linked to North Korea Suspected in $70 Million Cryptocurrency Theft from CoinEx

Hackers Linked to North Korea Suspected in  Million Cryptocurrency Theft from CoinEx

Blockchain experts are pointing to hackers linked with North Korea as the probable perpetrators behind the theft of $70 million from Hong Kong-based cryptocurrency exchange, CoinEx. The exchange revealed the cyberintrusion through the social media platform X (formerly Twitter), indicating that its digital asset wallets had been compromised.

Elliptic, a blockchain research organization, carried out an analysis that suggests the Lazarus Group, a hacking collective associated with North Korea, is likely behind the theft. The organization found that a portion of the stolen assets was moved to a cryptocurrency wallet address previously connected to the Lazarus Group’s illegal activities. The group is known to use a blockchain “bridge” to transfer funds onto the Ethereum blockchain.

In addition, Elliptic noted an escalation in the Lazarus Group’s cyber activities, reporting that the collective has stolen roughly $240 million in cryptocurrency through four distinct attacks since June. Another research entity, Chainalysis, expressed “medium-high confidence” in North Korea’s involvement in the CoinEx attack.

The incident is not isolated; North Korea has been linked to multiple crypto heists in recent years. As of 2022, the country is estimated to have stolen about $1.7 billion in cryptocurrency. In a notable case in April, hackers associated with North Korea were implicated in stealing nearly $615 million in cryptocurrency from the Ronin blockchain network, connected to the online game Axie Infinity.


Author: CrimeDoor

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