As reported by FinTelegram, the crypto payment processor CoinsPaid has been hacked by the North Korean cybercrime racket Lazarus Group. The company reported that approximately $37 million in cryptocurrency was stolen in this crypto heist. Recently, CoinsPaid announced a near-complete recovery of its weekly transaction volume. The company used data from the Crystal Blockchain service to illustrate its recovery progress.
CoinsPaid is highly optimistic about the future of the crypto payment industry. As the world’s biggest crypto payments provider, we passed this expensive stress test successfully and will use the hack experience to shape a more secure and stable environment for the whole cryptocurrency market.
CoinsPaid statement on website
The platform was back online within two days of the cyber heist, and within a week, it was processing 80% of the transaction volume seen before the incident. All payment requests received during the infrastructure migration to a more secure environment were manually processed to avoid potential errors. CoinsPaid assures its customers that their funds are safe and have been fully paid out.
The new security measures implemented by CoinsPaid include complete isolation from external access, maximum restriction of outgoing network traffic, and limited employee access to interconnections. The company also conducts internal audits at all operational levels.
Max Krupyshev, CEO of CoinsPaid, commented on the crypto heist, “This was a valuable stress test, but now we are moving forward. Security remains our utmost priority, and we have already initiated negotiations with the world’s leading cybersecurity audit providers.”
Investigations into the incident are ongoing, with law enforcement agencies actively involved. CoinsPaid, in cooperation with Match Systems, is also conducting its own investigation of the attack. The results of this investigation may be made public in the coming days.
In response to the attack, CoinsPaid is planning a conference and panel discussion with other victims of the Lazarus Group. During this event, the company will unveil a new initiative to minimize and prevent similar attacks in the future. The company acknowledges that the Lazarus Group attack was a costly experience but plans to use it to foster a safer and more stable environment for the entire cryptocurrency market.
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