CoinsPaid has managed to quickly rebound after a hacker attack by the Lazarus Group, thanks to its robust security measures and expert response. The company now aims to collaborate with the crypto community, leading an industry-wide initiative to strengthen security and prevent similar attacks in the future.
Cryptocurrency payment provider CoinsPaid was recently targeted by the notorious hacker group, Lazarus, resulting in a loss of $37.3 million on July 22nd. Despite the significant breach and the group's history of attacking high-profile victims, CoinsPaid's swift response mitigated additional losses and ensured the safety of customer funds.
In light of the attack, CoinsPaid bolstered its platform's security infrastructure and initiated an investigation to track the stolen funds using various blockchain analytics tools. The company teamed up with notable entities such as Crystal, Chainalysis, Match Systems, Valkyrieinvest, Staked.us, OKCoinJapan, and Binance to aid in the investigation process. CoinsPaid has also filed an official report with the Estonian law enforcement agency, displaying their commitment to resolving the issue.
To prevent future cyberattacks, CoinsPaid plans to host a roundtable discussion with other Lazarus victims in the coming weeks. The event will focus on industry initiatives designed to minimize and deter similar threats. Major crypto exchanges and platforms, including Binance, Kraken, Coinbase, Bitfinex, and OKX, have been invited to participate in this collaborative process to bolster security across the entire crypto community.
CoinsPaid's resilience in the aftermath of the cyberattack showcases its dedication to customer protection and the reinforcement of security measures. As the company recovers, it remains dedicated to providing first-class payment solutions while striving to create a more stable and secure financial ecosystem for all users.
