European Crypto Payment Platform CoinsPaid Loses $37.3 Million in Cyberattack; Suspects Lazarus Group

European crypto payment platform CoinsPaid recently fell victim to a cyberattack, resulting in a staggering loss of $37.3 million. The Estonian firm provides seamless and secure payment solutions for cryptocurrency transactions and suspects the North Korean Lazarus Group as the culprits behind this devastating attack. This article will delve into the details of the incident, examining the impact on CoinsPaid, the suspected group behind the attack, and the steps being taken to recover and prevent future incidents.

Suspected culprit: Lazarus Group

CoinsPaid has strong reason to believe that the notorious Lazarus Group is responsible for the attack on their platform. This cybercriminal organization, known to have ties to North Korea, has gained notoriety for carrying out various high-profile attacks worldwide. Their previous targets include financial institutions, cryptocurrency exchanges, and government organizations, making them a strong possibility in this case.

Record low reward for cybercriminals

In a surprising turn of events, CoinsPaid claims to have offered a “record low” reward to the cybercriminals compared to the previously observed demands by the Lazarus Group. This suggests that the attack may not have been as successful as the perpetrators had anticipated or that CoinsPaid’s security measures were more robust than initially presumed.

Impact on CoinsPaid

While the attack has resulted in a significant monetary loss, client funds remain unaffected, providing some relief amidst the chaos. However, the incident has taken a toll on the platform’s availability and subsequent revenue. CoinsPaid is working diligently to fully restore its services and resume normal operations.

Expectations vs. Reality

CoinsPaid believes that the Lazarus Group underestimated the platform’s security measures and expected a more successful attack. This assumption is based on the lower reward offered to the cybercriminals, suggesting that they may have been caught off guard by CoinsPaid’s defenses.

Investigation and Report

In the wake of the cyberattack, CoinsPaid wasted no time initiating a thorough investigation into the incident. The company has also filed an official report with the Estonian law enforcement agency, seeking their expertise and assistance in tracking down the perpetrators.

Restoring of services

CoinsPaid is gradually restoring its services after experiencing partial downtime due to a cyberattack. While the process may take a few more days, the company is committed to ensuring a smooth operation of its systems and providing uninterrupted payment solutions to its clients.

Promise of Recovery

Max Krupyshev, the CEO of CoinsPaid, has vowed that the company will recover from this setback and continue to deliver reliable and secure payment solutions for cryptocurrency transactions. This commitment reflects the determination to overcome the hurdles caused by the cyberattack and emerge stronger than before.

Roundtable with victims

Understanding the importance of collaboration and sharing experiences, CoinsPaid plans to organize a roundtable discussion with victims of the Lazarus attack. By bringing together those affected by such incidents, the objective is to minimize the impact of future attacks and establish robust preventive measures throughout the industry.

Possible connection to other exploits

While the focus remains on the CoinsPaid cyberattack, there might be a connection to recent exploits on related platforms. According to MistTrack, previous attacks on the Atomic Wallet and Alphapo platforms bear similarities that could indicate the involvement of the same cybercriminals.

The cyberattack on CoinsPaid has resulted in a significant financial loss, but the prompt actions taken by the company have prevented any impact on client funds. As the investigation continues, CoinsPaid remains committed to recovering from this incident, gradually restoring its services, and delivering secure payment solutions. The suspected involvement of the Lazarus Group underscores the ongoing threats posed by sophisticated cybercriminal organizations. By organizing a roundtable with victims, CoinsPaid aims to create a united front against future attacks and strengthen the resilience of the cryptocurrency industry as a whole.

Explore more

Can Stablecoins Balance Privacy and Crime Prevention?

The emergence of stablecoins in the cryptocurrency landscape has introduced a crucial dilemma between safeguarding user privacy and mitigating financial crime. Recent incidents involving Tether’s ability to freeze funds linked to illicit activities underscore the tension between these objectives. Amid these complexities, stablecoins continue to attract attention as both reliable transactional instruments and potential tools for crime prevention, prompting a

AI-Driven Payment Routing – Review

In a world where every business transaction relies heavily on speed and accuracy, AI-driven payment routing emerges as a groundbreaking solution. Designed to amplify global payment authorization rates, this technology optimizes transaction conversions and minimizes costs, catalyzing new dynamics in digital finance. By harnessing the prowess of artificial intelligence, the model leverages advanced analytics to choose the best acquirer paths,

How Are AI Agents Revolutionizing SME Finance Solutions?

Can AI agents reshape the financial landscape for small and medium-sized enterprises (SMEs) in such a short time that it seems almost overnight? Recent advancements suggest this is not just a possibility but a burgeoning reality. According to the latest reports, AI adoption in financial services has increased by 60% in recent years, highlighting a rapid transformation. Imagine an SME

Trend Analysis: Artificial Emotional Intelligence in CX

In the rapidly evolving landscape of customer engagement, one of the most groundbreaking innovations is artificial emotional intelligence (AEI), a subset of artificial intelligence (AI) designed to perceive and engage with human emotions. As businesses strive to deliver highly personalized and emotionally resonant experiences, the adoption of AEI transforms the customer service landscape, offering new opportunities for connection and differentiation.

Will Telemetry Data Boost Windows 11 Performance?

The Telemetry Question: Could It Be the Answer to PC Performance Woes? If your Windows 11 has left you questioning its performance, you’re not alone. Many users are somewhat disappointed by computers not performing as expected, leading to frustrations that linger even after upgrading from Windows 10. One proposed solution is Microsoft’s initiative to leverage telemetry data, an approach that