North Korea Suspected in $70 Million Crypto Theft

Tanya Sharma
Tanya Sharma Published on September 16, 2023 09:32 PM

The CoinEx cyber heist serves as a stark reminder of the relentless pursuit of digital assets by nefarious actors.

North Korea Suspected in $70 Million Crypto Theft
Source: Unsplash

A major theft of $70 million from the CoinEx crypto exchange has raised suspicions of North Korean involvement.

This incident highlights the importance of protecting digital assets and understanding the tactics of cybercriminals.

CoinEx, a cryptocurrency exchange based in Hong Kong, revealed that its digital wallets were breached.

The estimated loss is $70 million, which CoinEx considers a significant but not crippling portion of its total assets.

Lazarus Group Connection and Tracing the Stolen Funds

Experts suggest that the Lazarus Group, a hacking group linked to North Korea, may be behind the attack.

While CoinEx has not directly accused anyone, they acknowledge that certain security firms have pointed to North Korean involvement.

Investigations show that some of the stolen funds were funneled into a crypto wallet address previously used by the Lazarus Group for hiding stolen money.

These funds were then moved into the Ethereum blockchain using a method known as a blockchain "bridge." This matches the Lazarus Group's known tactics.

Chainalysis, another expert in blockchain research, believes there is a "medium-high confidence" that North Korea played a role in the attack.

This consensus among experts emphasizes the seriousness of the situation.

North Korea's Growing Interest in Crypto Heists

Worryingly, experts have noticed an increase in the Lazarus Group's activities.

Since June, they've stolen around $240 million in crypto assets in four separate attacks, in addition to the CoinEx incident.

This escalation in cybercrime activity raises concerns about the Group's evolving strategies.


The CoinEx theft reminds us of the constant threat to digital assets from cyber criminals.

As North Korea uses more advanced techniques, it's crucial to protect the digital financial world.

These incidents also raise worries about how the stolen funds might be used for illegal purposes.

The importance of strong cybersecurity and global cooperation in fighting cyber financial attacks cannot be overstated.




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