#CoinsPaid
#CryptoSecurity
#CryptoHacking
#Blockchain
#CyberSecurity
#Cyvers
#CryptoTransactions
#LazarusGroup
CoinsPaid, a cryptocurrency payment processing firm that bridges traditional finance and crypto payment methods, has experienced a second major security violation within the last six months. The company facilitates more than a million transactions per month, handling an estimated total value of 7 million EUR. In its operational history, CoinsPaid says they’ve processed crypto transactions worth over 19 billion euros.
On July 22nd, an attack on CoinsPaid led to a loss of $37.3 million. This prompted the firm to halt operations for four days to investigate the breech with assistance from Binance and Chainalysis among others. The post-investigation determined that the notorious North Korean hacker group, the Lazarus Group, was to blame for the attack. The group tricked an employee during a fake job interview into downloading malicious code which enabled them to make authorized withdrawal requests from the firm’s hot wallets. The stage seems to be set similarly for this more recent attack, pointing to possible human negligence in purging the criminals’ access from the CoinsPaid platform.
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