Site navigation

Millions Lost in Recent Crypto Hacks, Lazarus Group Suspected

Michael Edgar

,

Crypto Hacks Lazarus Group
Two crypto platforms hit by cyber attacks this week and fingers are pointing towards North Korean-backed cyber-crime syndicate Lazarus Group. 

Alphapo, a crypto provider for gambling sites, e-commerce, and other online platforms experienced an attack on 23 July, with initial losses estimated at $23m (£19.7m) on Ethereum, TRON, and Bitcoin. 

Blockchain investigator “ZachXBT” alledges to have uncovered an additional $37m (£31.7m) stolen on TRON and Bitcoin, bringing the total to near-$60m. At the same time, ZachXBT said the attack showed signs of the Lazarus Group’s “very distinct fingerprint on-chain.”

The involvement of the Lazarus Group is not independently confirmed by either DIGIT or Alphapo at this time. 

On the same day as the Alphapo attack, crypto payment gateway CoinsPaid experienced a $37.3m (£28.7m) attack. 

“We suspect Lazarus Group, one of the most powerful hacker organisations, is responsible,” said CoinsPaid in a release today.

CoinsPaid claims customer funds remain intact, and while its services were down for four days, its operations are back up and running in a limited capacity. 

Alphapo on the other hand has been rather quiet following the attack, but confirmed to Cointelegraph that they were reinstating deposits and withdrawals through new addresses. 

The notorious Lazarus Group is classified as a North Korean state-sponsored hacking group by the FBI. Analysts believe that the group’s activities partially fund the country’s weapons development programmes. 


Recommended


The group’s victim list includes some of the world’s largest companies. Recently, the group hit Atomic Wallet for $35m (£26.9m), Harmony Horizon for $100m (£76.9m), and is allegedly responsible for one of the largest crypto hacks in history: the $617m (£474.9m) Axie Infinity attack. 

In response, CoinsPad says it will organise a round table with all victims to launch a new initiative aimed at minimising and preventing future attacks. 

“We urge Binance, Kraken, Coinbase, Bitfinex, OKX and others to participate in this vital process,” says CoinsPad. 

Michael Edgar

Staff Writer, DIGIT

Latest News

AI

Nvidia Launches Open Secure AI Alliance for AI Safety and Security

AI Business Recruitment

Nearly a Quarter of Orgs Reducing Entry-level Hiring Due to AI Automation

Business

Scottish Businesses Turn to Self-funding as Growth Confidence Dips in H2

Data Finance

Payment Leaders are Struggling to Get Real-time Data