Cryptocurrency NewsCoinsPaid Loses $37.3 Million in Hacking Incident

CoinsPaid Loses $37.3 Million in Hacking Incident

According to an official update released on July 26, there was a cyber attack on CoinsPaid, a crypto payment provider based in Estonia, resulting in a loss of $37.3 million on July 22. The company has attributed the hack to the Lazarus Group, a notorious hacker organization with a history of targeting prominent companies. This group is believed to have ties to North Korea and has been involved in hacking and stealing from various crypto firms and bridges, including CoinCheck and Ronin.

In response to the breach, CoinsPaid acted swiftly to reinforce its security systems to prevent further damage, ensuring that customer funds remain secure. Nonetheless, the incident has affected their financial situation due to the loss of funds.

CoinsPaid is currently conducting an investigation into the hack using advanced crypto analytics tools. The company has received support from the broader crypto community, with firms such as Chainalysis, OKCoinJapan, Binance, and others standing by to assist.

The attack has been reported to Estonian law enforcement, and CoinsPaid is fully cooperating with the ongoing investigation.

Max Krupyshev, the CEO of CoinsPaid, expressed the company’s dedication to enhancing platform security and protecting user assets to prevent similar incidents from occurring in the future.

In addition to the CoinsPaid breach, Alphapo, another crypto payment processor primarily serving gambling platforms, fell victim to a hack over the weekend, resulting in a loss of $32 million. Furthermore, this week, Lazarus reportedly hacked a US tech firm named JumpCloud, resulting in the theft of cryptocurrency.

On-chain data indicates that malicious actors have managed to steal over $100 million in cryptocurrencies during the month of July alone.


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