In a startling turn of events, the Estonian-based cryptocurrency payment service provider CoinsPaid has become the target of a sophisticated cyberattack. On January 6, 2024, malicious actors managed to siphon off approximately $7.5 million in digital assets from the company. This heist involved cryptocurrencies on both the Binance (BNB) and Ethereum (ETH) chains. Notably, this incident marks the second significant breach that CoinsPaid has suffered, following a massive $37.3 million theft in July 2023 .
Cyvers, a real-time security alert platform, first reported the breach, which resulted in unauthorized transactions involving 924,000 BUSD and 268.5 BNB. This latest attack brings the total loss faced by CoinsPaid to a staggering $7.5 million. The initial reports from Foresight News confirmed the loss of $1 million in digital assets, later revised to the higher figure following further investigations .
The suspected culprits behind this heist might be the notorious Lazarus group, known for their previous involvement in cyber thefts targeting cryptocurrency exchanges. CyVers CEO Deddy Lavid highlighted inadequate wallet access control as the primary vulnerability that led to this breach. The stolen assets were reportedly converted into Ethereum and dispersed across various externally owned accounts (EOAs) on both the ETH and BNB chains. Some of these funds were then deposited into exchanges like WhiteBit, MEXC, and ChangeNow .
Despite prior warnings and compensations for the previous breach, the recurrence of such cyberattacks underscores the urgent need for enhanced security measures in the cryptocurrency industry. The Lazarus group, with a history of employing social engineering tactics, is believed to have targeted CoinsPaid employees with fake job offers, compromising internal systems and leading to significant financial losses .
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.