The cryptocurrency payment platform CoinsPaid has faced a significant security threat, losing approximately $7.5 million in a hacking attack. This marks the platform's second major breach in the past six months. As a result of the attack, the price of the platform's native token, CPD, dropped by over 30%.
On January 6th, the artificial intelligence system Cyvers detected unusual transactions. A hacker managed to withdraw $6.1 million in various cryptocurrencies, including Tether (USDT), Ethereum (ETH), USD Coin (USDC), and CPD. The attacker also converted 97 million CPD tokens into Ethereum, totaling $368,000, and transferred them to external accounts and cryptocurrency exchanges. Later, the hacker stole an additional $1 million in Binance Coin (BNB), increasing the total damage to $7.5 million.
The price of CPD token plummeted to $0.0006, which is 30% lower than its previous value. Over the past year, the token has lost 97.5% of its value. CPD's market capitalization is approximately $57,000, with a daily trading volume of $1,700.
In July 2023, CoinsPaid experienced a massive breach in which $37 billion was stolen. The perpetrator in that case was identified as the Lazarus Group, believed to be supported by North Korea. This group has been accused of causing over $300 million in damages to the cryptocurrency industry in 2023.
