{"id":546440,"date":"2023-08-09T15:00:45","date_gmt":"2023-08-09T15:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=546440"},"modified":"2024-06-11T08:00:00","modified_gmt":"2024-06-11T08:00:00","slug":"coinspaid-systems-under-attack-for-six-months","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinspaid-systems-under-attack-for-six-months\/","title":{"rendered":"A Long Con: CoinsPaid Says Systems Were Under Attack For Six Months"},"content":{"rendered":"

In a new report, Estonia\u2019s preeminent crypto payment and personal wallet provider, CoinsPaid, has revealed the intricate workings of a hacking incident that led to a colossal loss of $37 million.<\/span><\/p>\n

This audacious breach was reportedly the culmination of a six-month saga marked by calculated maneuvers and sophisticated tactics, orchestrated by none other than the notorious Lazarus Group.\u00a0<\/span><\/p>\n

Collaborating with Match Systems, CoinsPaid embarked on a comprehensive inquiry, <\/span>unearthing<\/span><\/a> the modus operandi of the hacking group and exposing the subsequent laundering of pilfered assets in a post.<\/span><\/p>\n

Elaborate 6-Month Operation By Lazarus Group<\/h2>\n

The ploy, characterized by an extraordinary level of meticulousness, spanned half a year, revealing the calculated and relentless nature of the hack.\u00a0<\/span>Employing a blend of social engineering and technical strategies, the hackers engaged in a series of Distributed Denial-of-Service and brute-force attacks.\u00a0<\/span><\/p>\n

Related Reading: Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal<\/a><\/div>\n

Their calculated approach culminated in a July 22 breach with the manipulation of a CoinsPaid employee, ensnaring them through a falsified job proposition. <\/span>The ordeal began innocently enough, as a CoinsPaid employee embarked on a video interview for what appeared to be an enticing career prospect, facilitated via LinkedIn.\u00a0<\/span><\/p>\n

Little did they know that the seemingly innocuous task of downloading a technical assessment was part of an elaborate ruse orchestrated by the hackers. <\/span>This single act granted the hackers access to CoinsPaid’s systems, allowing them to exploit software vulnerabilities and authorize unauthorized withdrawals from the company’s hot wallets.<\/span><\/p>\n

The hacker executed a swift sequence of unauthorized withdrawals, swiftly depleting the company’s coffers in less than an hour of operation. In total, CoinsPaid lost $37.3 million in the attack.<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap jumps to $1.147 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
CoinsPaid Moving Forward From The Incident<\/span><\/h2>\n
CoinsPaid’s exhaustive post-mortem report reveals invaluable lessons extracted from the breach. The <\/span>report<\/span><\/a> highlights the importance of training employees to identify social engineering tactics, including job offers that might be a ploy to gain access to internal systems.\u00a0<\/span><\/p>\n
The report also explains the adoption of principles like the Separation of Duties and Least Privilege, advocating for the implementation of robust monitoring and alert systems to detect suspicious activities.\u00a0<\/span><\/p>\n
Following the report, CoinsPaid will be hosting a roundtable discussion involving blockchain-based entities, aiming to collectively address the escalating threat posed by hacking incidents.<\/span><\/p>\n
Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF<\/a><\/div>\n
In the wake of the exploit, the payments platform assured customers that none of their funds were affected. The company also resumed all activities less than a week after the hack took place.<\/span><\/p>\n
The Lazarus Group is believed to have stolen over $3.8 billion in digital assets from crypto exchanges and decentralized finance (DeFi) services since it became active.<\/span><\/p>\n
Featured image from TechBullion, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a new report, Estonia\u2019s preeminent crypto payment and personal wallet provider, CoinsPaid, has revealed the intricate workings of a hacking incident that led to a colossal loss of $37 million. This audacious breach was reportedly the culmination of a six-month saga marked by calculated maneuvers and sophisticated tactics, orchestrated by none other than the notorious Lazarus Group.\u00a0 Collaborating with Match Systems, CoinsPaid embarked on a comprehensive inquiry, unearthing the modus operandi of the hacking group and exposing the subsequent laundering of pilfered assets in a post. Elaborate 6-Month Operation By Lazarus Group The ploy, characterized by an extraordinary level of meticulousness, spanned half a year, revealing the calculated and relentless nature of the hack.\u00a0Employing a blend of social engineering and technical strategies, the hackers engaged in a series of Distributed Denial-of-Service and brute-force attacks.\u00a0 Related Reading: Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal Their calculated approach culminated in a July 22 breach with the manipulation of a CoinsPaid employee, ensnaring them through a falsified job proposition. The ordeal began innocently enough, as a CoinsPaid employee embarked on a video interview for what appeared to be an enticing career prospect, facilitated via LinkedIn.\u00a0 Little did they know that the seemingly innocuous task of downloading a technical assessment was part of an elaborate ruse orchestrated by the hackers. This single act granted the hackers access to CoinsPaid’s systems, allowing them to exploit software vulnerabilities and authorize unauthorized withdrawals from the company’s hot wallets. The hacker executed a swift sequence of unauthorized withdrawals, swiftly depleting the company’s coffers in less than an hour of operation. In total, CoinsPaid lost $37.3 million in the attack. Total market cap jumps to $1.147 trillion | Source: Crypto Total Market Cap on Tradingview.com CoinsPaid Moving Forward From The Incident CoinsPaid’s exhaustive post-mortem report reveals invaluable lessons extracted from the breach. The report highlights the importance of training employees to identify social engineering tactics, including job offers that might be a ploy to gain access to internal systems.\u00a0 The report also explains the adoption of principles like the Separation of Duties and Least Privilege, advocating for the implementation of robust monitoring and alert systems to detect suspicious activities.\u00a0 Following the report, CoinsPaid will be hosting a roundtable discussion involving blockchain-based entities, aiming to collectively address the escalating threat posed by hacking incidents. Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF In the wake of the exploit, the payments platform assured customers that none of their funds were affected. The company also resumed all activities less than a week after the hack took place. The Lazarus Group is believed to have stolen over $3.8 billion in digital assets from crypto exchanges and decentralized finance (DeFi) services since it became active. Featured image from TechBullion, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89078,89079,12029,2276,87083],"class_list":["post-546440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinspaid","tag-crypto-breach","tag-crypto-hack","tag-hack","tag-lazarus-group"],"acf":[],"yoast_head":"\nA Long Con: CoinsPaid Says Systems Were Under Attack For Six Months<\/title>\n<meta name=\"description\" content=\"In a new report, Estonia\u2019s preeminent crypto payment and personal wallet provider, CoinsPaid, has revealed the intricate workings of a hacking incident\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"A Long Con: CoinsPaid Says Systems Were Under Attack For Six Months","url":"http:\/\/wncen.com\/news\/coinspaid-systems-under-attack-for-six-months\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinspaid-systems-under-attack-for-six-months\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/CoinsPaid-hack.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/CoinsPaid-hack.png?fit=5159%2C3516"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["coinspaid","crypto breach","crypto hack","hack","lazarus group"],"dateCreated":"2023-08-09T15:00:45Z","datePublished":"2023-08-09T15:00:45Z","dateModified":"2024-06-11T08:00:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"A Long Con: CoinsPaid Says Systems Were Under Attack For Six Months\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinspaid-systems-under-attack-for-six-months\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinspaid-systems-under-attack-for-six-months\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/CoinsPaid-hack.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/CoinsPaid-hack.png?fit=5159%2C3516\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"coinspaid\",\"crypto breach\",\"crypto hack\",\"hack\",\"lazarus group\"],\"dateCreated\":\"2023-08-09T15:00:45Z\",\"datePublished\":\"2023-08-09T15:00:45Z\",\"dateModified\":\"2024-06-11T08:00:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/CoinsPaid-hack.png?fit=5159%2C3516","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546440"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546461"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}