It has been revealed who may be behind the latest massive cryptocurrency heist

North Korea-linked hackers are likely responsible for the theft of $70 million from cryptocurrency exchange CoinEx, according to blockchain experts. The Hong Kong-based exchange announced on social media platform X that its cryptocurrency wallets had been hacked. The company estimated its losses at about $70 million, describing them as a “small portion” of its total assets.

Blockchain research firm Elliptic cited several factors that suggest Lazarus Group, a hacking group with ties to North Korea, was behind the attack. CoinEx clearly stated that the identity of the hackers is still under investigation.

Elliptic’s research revealed that some of the stolen funds were transferred to a cryptocurrency wallet address previously used by the Lazarus Group to launder the stolen funds. Additionally, these funds were sent to the Ethereum blockchain using a “bridge,” a method of transferring funds between different blockchains that the Lazarus Group has used in the past.

The North Korean mission to the United Nations in New York did not respond to inquiries regarding these allegations. Meanwhile, another blockchain research firm, Chainalysis, claims with “medium to high certainty” that North Korea is indeed behind the attack.

According to Elliptic, the Lazarus Group appears to have become more active recently. Since the beginning of June, four separate attacks, including the CoinEx incident, have reportedly stolen approximately $240 million in cryptocurrencies.

North Korea stepped up its theft of cryptocurrencies last year and stole more in 2022 than in any other year, according to a UN report. Sanctions watchdogs have accused North Korea of ​​financing its nuclear and missile programs through such cyber attacks, allegations that North Korea has consistently denied.

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