Crypto payment gateway CoinsPaid has fallen victim to its second security breach in the past six months, with unauthorized transactions amounting to nearly $7.5 million. The breach was detected by Web3 security firm Cyvers, whose artificial intelligence system identified multiple irregular transactions on January 6. These transactions allowed the withdrawal of $6.1 million worth of digital assets in Tether USDT, Ether ETH, USD Coin USDC, and CoinsPaid’s native token CPD.
The attacker reportedly swapped around 97 million CPD tokens, worth approximately $368,000, for ETH. The funds were then moved to externally owned accounts (EOAs) and crypto exchanges MEXC, WhiteBit, and ChangeNOW. At the time of writing, CoinGecko’s data shows CPD trading at $0.0006, down 39.5% in 24 hours.
Further analysis by Cyver revealed unauthorized transactions involving BNB BNB worth more than $1 million, bringing the total amount stolen close to $7.5 million. CoinsPaid, an Estonian payment processor for digital assets, has yet to comment on the attack. The company claims to have processed over 19 billion euros in crypto transactions.
This is not the first time CoinsPaid has been targeted. In July 2023, the platform suffered a security breach that resulted in more than $37 billion stolen. The hackers reportedly tricked an employee with a fake job interview, leading to the download of a malicious code that provided the bad actors with access to CoinsPaid’s infrastructure.
In a post-mortem report of the hack, CoinsPaid blamed the North Korean state-backed Lazarus Group for the incident. The group had attempted to infiltrate the platform several times since March 2023 but switched to “highly sophisticated and vigorous social engineering techniques” after multiple failures, targeting employees rather than the company itself.
The Lazarus Group is suspected to be behind several crypto hacks in 2023. Blockchain intelligence firm TRM Labs reported that the group stole at least $600 million in crypto last year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇪🇪 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | None |
| Companies | CoinsPaid, Cyvers, ChangeNOW, WhiteBit, MEXC |
| Currencies | Tether, US Dollar, Lido Staked Ether, BNB, TokenFi |
| Securities | None |
